Bitcoin price reached a new all-time high of $109,114.88 on January 20, 2025, following a period of extreme price volatility that saw the cryptocurrency drop below $100,000 before staging a recovery.
The price movement triggered over $1.18 billion in market liquidations as traders positioned themselves during the swings.
Bitcoin price fell as low as $99,471.36 in the previous 24 hours before reversing course and climbing to record levels, creating what traders describe as a “God candle” in the price charts.
Bitcoin Price Drops Below $100,000 Triggered Liquidations
The price volatility led to major market impact, with CoinGlass data revealing $921 million in long position liquidations and $260 million in short position closures.
The total affected nearly 406,000 traders across major cryptocurrency exchanges, marking one of the largest liquidation events in recent months.
The market volatility was mainly due to several key events, including the approaching inauguration of president-elect Donald Trump. The cryptocurrency space faced initial disruption on Friday when Trump launched his own meme coin.
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The situation intensified in the past 24 hours as another meme coin, associated with Trump’s wife, entered the market, adding to the price pressure that temporarily pushed Bitcoin below $100,000.
Bitcoin price’s ability to recover from the sub-$100,000 level and reach new highs shows strong buying pressure despite the market uncertainty. The price movement from the low of $99,471.36 to the new peak at $109,114.88 shows a nearly 10% swing within hours.
Bitcoin Hits New All-Time High
The sharp recovery in Bitcoin’s price shows the ongoing strength of buying pressure in the cryptocurrency market.
Trading volumes increased across major exchanges during the volatile period, with buyers stepping in heavily once prices dipped below the $100,000 level.
The technical picture shows Bitcoin price breaking through several key resistance levels during its climb to the new all-time high.
The move from $99,471 to $109,114 happened within a compressed timeframe, creating a large green candle on price charts that included nearly $10,000 in price movement.
This type of price action often indicates strong institutional buying rather than retail trading, as it requires substantial capital to move the market so decisively. Looking at market structure, the new all-time high comes during a period of heightened political interest in cryptocurrencies.
Source: https://www.thecoinrepublic.com/2025/01/20/bitcoin-price-surges-to-new-all-time-high-of-109k-after-volatile-drop/