Bitcoin Price Rises Above $95,000 – Will $100,000 Be Hit Soon?
Bitcoin has recently made a comeback, rallying above $95,000 after a period of volatility. The cryptocurrency even hit an intraday low of $90,770 earlier this week before bouncing back. This upward momentum can be attributed to positive developments in the U.S. regulatory landscape and overall market sentiment.
As of the latest update, Bitcoin was trading at $95,550, up 2.6%, while Ethereum, the second-largest cryptocurrency, surged 4.9% to $3,596. One key factor driving this rally is the news that President-elect Donald Trump’s transition team interviewed Paul Atkins, a pro-crypto advocate, as a potential replacement for Gary Gensler as SEC Chair. Trump’s favorable attitude towards cryptocurrencies, along with reports of considering Chris Giancarlo for a “Crypto Czar” role, has boosted market optimism.
According to experts like Edul Patel, Co-founder, and CEO of Mudrex, Bitcoin is inching closer to the $100,000 mark on the back of these developments. Additionally, the Federal Reserve’s suggestion of “gradual rate cuts” has further improved market sentiment. Currently, Bitcoin faces resistance at $99,300, with support at $93,400.
Shivam Thakral, CEO of BuyUcoin, emphasized the impact of robust U.S. economic data meeting expectations. He mentioned that while Bitcoin experienced a brief dip earlier in the week, investors are optimistic about its trajectory, with some predicting a potential surge to $100,000 in the near future. The ongoing consolidation of Bitcoin may pave the way for further gains in the coming weeks.
In 2021 alone, Bitcoin has skyrocketed by 120%, with a 42% increase in November alone. This surge has been bolstered by Trump’s promises to support crypto, aiming to make the U.S. the “crypto capital of the planet.” Other major cryptocurrencies like Solana, BNB, XRP, Dogecoin, Cardano, Shiba INU, and Stellar have also seen gains alongside Bitcoin.
From a technical perspective, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, highlighted the bullish momentum of Bitcoin on the daily chart. While recent price action corrected slightly after failing to hit $100,000, the $90,000 support level remains strong. Despite a potential reversal on the 4-hour chart, Bitcoin’s overall bullish market sentiment could lead it back towards $100,000. However, a drop below $90,000 may indicate a deeper correction.
