Bitcoin’s price has been steadily rising this week, up around 4%. On Friday, it was trading above $105,000, just below its new ATH of $109,588 hit on Monday.
The inauguration of U.S. President Donald Trump on Monday was a major factor in this week’s surge, sending Bitcoin to a new all-time high just hours before the ceremony. But Bitcoin fell 6.68 percent from its peak and ended the day at $102,260.
Social media has reached a tipping point of extreme greed and FOMO among Bitcoin traders, according to Santiment statistics. See how many times X, Reddit, Telegram, 4Chan, and Farcaster have been mentioned in the following chart. In the short term, in particular, prices tend to go against what the audience expects.
On Monday, when the audience mentioned higher prices, it may have sent a sell signal for Bitcoin. Such a maneuver occurred in mid-December when Bitcoin prices briefly dropped as a result of the audience talking about higher prices.
On Tuesday, Bitcoin rose by 3.8% as the price recovered from the support level of $100,000. The news that MicroStrategy (MSTR) had purchased 11,000 BTC for $1.1 billion at an average price of $101,191 per Bitcoin and now holds 461,000 BTC for $29.3 billion at an average price of $63,610 per BTC was highlighted in Michael Saylor's article X, which encouraged the continuation of the rise.
President Trump of the United States made the announcement on Truth Social at the same time he had pardoned Ross Ulbricht, who founded the Silk Road dark web marketplace, unconditionally. As a result of Trump fulfilling his promise to the cryptocurrency business as president, the crypto community gained confidence in this development.
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