After 8 days and 12 hours, Bitcoin 
$64,798 has surged to surpass the $98,400 level, bringing an end to the nightmare for cryptocurrency investors who have been anxiously awaiting this moment. The critical question now is: what is fundamentally driving this increase? Furthermore, what can investors anticipate in the days ahead?
Why is Bitcoin Rising?
Considering we are in an upward trend, a rebound like this was expected. However, it is still too early to assert that we have seen a definitive upward breakout since there was a brief rise 8 days ago, which was followed by a drop back to $92,000. Bitcoin has experienced a downturn for 17 days and 3 hours since its all-time high.
In strong upward trends, prolonged periods of weakness should not occur. During this 17-day stretch, altcoins have suffered significant losses, and even today, these losses have not been fully recouped. On the other hand, supportive ISM PMI data and the impending inauguration of Donald Trump on January 20 have begun to rekindle investor optimism.
With the U.S. set to have its first crypto-friendly president, there is an expectation for prices to remain elevated. Investors hope that Trump’s forthcoming actions will bolster this upward momentum. As this article was being prepared, Bitcoin had reached a daily peak of $98,444.
