Bitcoin News Today: Why Is Bitcoin Price Surging Today? BTC Hits Record High Ahead of Trump’s Inauguration

Bitcoin’s price has surged to a new all-time high of $109,356, marking an 8% increase within 24 hours, just hours ahead of Donald Trump’s inauguration as the 47th U.S. President. The cryptocurrency has gained approximately 70% since Trump’s election victory in November, with analysts projecting further upside potential.Trump Inauguration Buzz Fuels Bitcoin RallyBitcoin's recent gains are driven by growing market speculation surrounding Trump’s pro-crypto stance. The president-elect has expressed plans to integrate Bitcoin into the U.S. Strategic Reserve, a move that has sparked significant interest and speculation among investors.According to Polymarket data, bettors assign a 58-60% probability to Trump making this proposal a reality within his first 100 days in office. Additionally, reports suggest Trump is likely to sign an executive order establishing a cryptocurrency advisory council, aimed at fostering a more crypto-friendly regulatory environment.Bitcoin ETFs Witness $2.35 Billion InflowsAnother key driver of Bitcoin’s price surge is the growing inflows into U.S. spot Bitcoin ETFs, which reached a record $38.16 billion in assets under management (AUM) as of Jan. 17, according to Farside Investors.ETF inflows of $2.35 billion over three consecutive days indicate rising institutional demand for Bitcoin, reinforcing its status as a long-term asset. Institutional players increasingly view Bitcoin ETFs as a regulated and accessible gateway into the cryptocurrency market.Bitcoin ETF Flows Chart. Source: Farside InvestorsTechnical Indicators Suggest BTC Could Hit $128KBitcoin’s bullish momentum follows a breakout from a symmetrical triangle pattern on the weekly chart, a key technical indicator suggesting further upside.A symmetrical triangle during an uptrend is typically considered a bullish continuation pattern, with the potential to push Bitcoin’s price higher. Analysts forecast a potential upside target of $128,000 by March 2025, based on the breakout’s projected extension.With market sentiment turning increasingly bullish, traders and investors are closely watching Bitcoin's price trajectory as the new U.S. administration sets the stage for potential regulatory shifts, according to Cointelegraph.