Bitcoin price jumped over 3% to approximately $105,750 on January 24, following President Donald Trump's executive order which established a working group on digital asset markets. This order aims to consider creating a strategic national digital assets stockpile, igniting hopes of a Bitcoin reserve in the US. Although the immediate reaction included a drop to $102,220 after the announcement, bullish sentiments quickly took over, especially after US Senator Cynthia Lummis hinted at significant developments in her new role as chair of the Senate Banking Subcommittee on Digital Assets. Meanwhile, capital inflows into US Bitcoin exchange-traded funds (ETFs) have surged nearly $3 billion over six consecutive days, reflecting increasing investor confidence, particularly among institutions. Additionally, Bitcoin's breakout from a symmetrical triangle pattern suggests a potential target of over $128,000 by March 2025, indicating a strong bullish momentum in the broader crypto market.

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