Bitcoin News: Bitcoin’s ‘God Candle’ Signals Potential Rally to $130K Amid Market Volatility

Bitcoin (BTC)  has surged to an all-time high of $109,356, marking a dramatic 9.6% increase within 24 hours as the market braces for potential further gains. Analysts suggest that the leading cryptocurrency could reach the $130,000 mark, fueled by renewed market optimism and heightened trading activity.BTC/USD daily chart. Source: Cointelegraph/TradingViewBitcoin (BTC) Hits New All-Time High, Surges Past $109KData from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD skyrocketed by over $7,200 in just 60 minutes, reaching unprecedented levels just hours before President-elect Donald Trump's inauguration. Bitcoin (BTC) is trading around $108,000, reflecting a 3.3% gain over the past day.Market Shake-Up Amid Trump’s Memecoin LaunchThe crypto market saw an influx of volatility over the weekend following Donald Trump’s launch of his memecoin, Official TRUMP (TRUMP), which reached a market cap of $20 billion within two days, ranking among the top 15 cryptocurrencies. The excitement continued as Melania Trump followed suit with her own memecoin, driving fluctuations across the market.Despite these swings, Bitcoin made an “impressive comeback,” with analysts noting the asset’s resilience amid wild market moves. Ferozwala, a pseudonymous analyst, stated that BTC’s rally has reignited bullish sentiment after overcoming recent headwinds.Open Interest and Liquidations SurgeThe sudden BTC price surge has triggered a significant uptick in open interest (OI), with data from CoinGlass showing an increase of $4.74 billion, reversing a prior $3 billion decline.Additionally, more than $52 million in short positions were liquidated within an hour as traders scrambled to adjust their positions in response to the rapid upward movement.Analysts Predict Bitcoin Could Hit $130KMarket analysts, including Jelle, believe Bitcoin’s price breakout from a descending triangle pattern that has been forming since mid-November indicates an upward trend.“Bitcoin broke out from the descending triangle, retested it — and bounced straight to new all-time highs. The next target could be in the mid $130K range,” Jelle commented on social media platform X.Similarly, Daan Crypto Trades highlighted that Bitcoin’s rapid price movement after closing a “small CME gap” signals strong momentum, setting the stage for an exciting week ahead, according to Cointelegraph.