Bitcoin recently rallied by over 18% and is on the verge of retesting its previous all-time high (ATH) of $108,363. The bullish momentum and the upcoming U.S. presidential inauguration could determine whether there will be further demand and a continued upward trend, or if there will be a double top followed by a bearish outcome. Despite the recent rally, whale activity has been subdued, indicating less excitement compared to November. However, demand in the derivatives sector remains high. Heavy exchange outflows have supported the bullish price action, but recent exchange inflows suggest that sell pressure may be building up. The inauguration and other developments in the crypto world could act as catalysts for the market in the coming days.



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