Why is Bitcoin price up today?

Bitcoin’s price surged to a new record high just hours ahead of Donald Trump’s inauguration as the 47th president of the United States.On Jan. 20, BTC’s price rose slightly over 8% to reach its all-time high of $109,356 (data from Bitstamp). The cryptocurrency has risen by around 70% since Trump’s election win in November.Donald Trump inauguration buzz boosts BitcoinBitcoin’s gains today come in the hours leading up to Trump’s taking charge of the White House.Trump plans to leverage his executive authority to ease regulatory constraints on cryptocurrency businesses and encourage the adoption of digital assets during his initial days in officeFor instance, he has pledged to incorporate Bitcoin into the US Strategic Reserve, which has sparked significant speculation. As of Jan. 20, bettors assign a 58-60% probability to this proposal becoming a reality in the first 100 days after Trump takes office, according to Polymarket.In addition, Trump will likely sign an executive order establishing a cryptocurrency advisory council. The initiative, first proposed by Trump in July, aims to bring together industry leaders and policymakers to shape a more crypto-friendly regulatory framework, according to two anonymous sources who spoke to Reuters.Bitcoin ETFs attract $2.35B in three daysAnother positive catalyst for BTC’s price came after the assets under management by US Bitcoin ETFs reached a record high. As of Jan. 17, the US spot Bitcoin exchange-traded funds were managing $38.16 billion worth of assets after $2.35 billion inflows over three consecutive days, according to Farside Investors data.This influx of capital indicates growing investor confidence in Bitcoin as a long-term asset, particularly among institutional players who use ETFs as a regulated, accessible means to gain exposure to BTC. BTC price symmetrical triangle hints at $128K nextBitcoin’s gains today are part of a weekly chart breakout from its prevailing symmetrical triangle pattern.A symmetrical triangle pattern forming during an uptrend is typically considered a bullish continuation pattern. It resolves when the price breaks above the triangle’s upper trendline and rises by as much as the maximum distance between the upper and the lower trendline.Applying the same technical analysis rule on the chart bring the pair’s upside target to over $128,000 by March.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.