Bitcoin Rally Resumes
Bitcoin broke out to fresh, all-time highs today on soaring crypto optimism ahead of Trump’s return to power later today. With the incoming resident expected to be a key supporter of the crypto industry, even launching his own $TRUMP coin last week, BTC bulls are positioning for a renewed upside run. There has been plenty of speculation over how Trump intends to support the crypto industry. At the very least, traders are expected a reversal of the strict regulatory controls put in place over the Biden administration while the prospect of a US strategic BTC reserve remains the ultimate prize.
Speculative Buying
In terms of market moving impact, much of today’s action is likely to stem from anticipation and speculation alone. It’s unlikely that we’ll see any crypto policy changes today. However, any positive mention of crypto at all should be enough to keep bull sentiment underpinned while traders await Trump’s first crypto actions.
Bull Risks for BTC
However, if Trump does make any crypto specific moves today, this could be wildly bullish for BTC and the broader crypto market. Bloomberg recently reported that Trump is considering an executive order to name crypto a national priority as an asset class and establish a crypto advisory council. If seen, such a move today will fuel strong upside volatility across crypto markets.
Technical Views
BTC
The rally in BTC has seen the market breaking out above the prior 107,85 level highs. Now trading in unchartered territory once again, the next target for bulls is the 1.25% extension of the December- January retracement at 113,690. On any move back under 107,85, 100,195 is the key support to note.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.