Bitcoin soars past $100K as pro-crypto nominee fuels market optimism
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Bitcoin surged past the $100,000 milestone on Thursday, entering price discovery mode, as the crypto market reacted positively to President-elect Donald Trump’s nomination of pro-crypto advocate Paul Atkins as the next SEC Chair. Analysts now eye $113,000 as the next target, with caution advised due to overbought technical conditions.
Pro-Crypto Nominee Sparks Rally
The announcement of Paul Atkins as the new Securities and Exchange Commission (SEC) Chair on Wednesday provided a significant boost to the crypto market. Atkins, known for his pro-crypto stance, is widely seen as a potential driver of a more favorable regulatory environment for digital assets. Bitcoin responded with a 2.8% gain on Wednesday, continuing its momentum to break the $100,000 barrier on Thursday, marking a historic milestone.
Bitcoin Enters Price Discovery Mode
Following its breakthrough, Bitcoin has entered price discovery mode, setting its sights on higher levels. The next significant target lies at the 141.40% Fibonacci extension level of $113,147, calculated from the November 4 low of $66,835 to the November 22 high of $99,588. A decisive close above this level could pave the way for a rally toward the psychological $125,000 mark.
However, the Relative Strength Index (RSI) on the daily chart has climbed to 72, signaling overbought conditions. While the RSI points upward, indicating potential for further gains, traders should exercise caution as the probability of a pullback increases.
Key Levels to Watch
Support Levels: Immediate support rests at $100,000, a key psychological level. Deeper corrections could target the $90,000 support zone, where buyers are likely to re-enter the market.
Resistance Levels: First resistance is seen at $113,147, the 141.40% Fibonacci extension level. Beyond $113,147, $125,000 emerges as a crucial psychological barrier.
Outlook Bitcoin’s rally above $100,000 reflects a combination of bullish sentiment, optimism surrounding regulatory reforms, and technical momentum. While the next targets present enticing opportunities, overbought conditions on the RSI indicate the potential for short-term volatility. Traders should remain vigilant, balancing long positions with prudent risk management.
As BTC trades in uncharted territory, developments in U.S. crypto regulation and broader market dynamics will be pivotal in shaping its trajectory. All eyes remain on $113,000 as the next critical test in Bitcoin's remarkable ascent.
Pro-Crypto Nominee Sparks Rally
The announcement of Paul Atkins as the new Securities and Exchange Commission (SEC) Chair on Wednesday provided a significant boost to the crypto market. Atkins, known for his pro-crypto stance, is widely seen as a potential driver of a more favorable regulatory environment for digital assets. Bitcoin responded with a 2.8% gain on Wednesday, continuing its momentum to break the $100,000 barrier on Thursday, marking a historic milestone.
Bitcoin Enters Price Discovery Mode
Following its breakthrough, Bitcoin has entered price discovery mode, setting its sights on higher levels. The next significant target lies at the 141.40% Fibonacci extension level of $113,147, calculated from the November 4 low of $66,835 to the November 22 high of $99,588. A decisive close above this level could pave the way for a rally toward the psychological $125,000 mark.
However, the Relative Strength Index (RSI) on the daily chart has climbed to 72, signaling overbought conditions. While the RSI points upward, indicating potential for further gains, traders should exercise caution as the probability of a pullback increases.
Key Levels to Watch
Support Levels: Immediate support rests at $100,000, a key psychological level. Deeper corrections could target the $90,000 support zone, where buyers are likely to re-enter the market.
Resistance Levels: First resistance is seen at $113,147, the 141.40% Fibonacci extension level. Beyond $113,147, $125,000 emerges as a crucial psychological barrier.
Outlook Bitcoin’s rally above $100,000 reflects a combination of bullish sentiment, optimism surrounding regulatory reforms, and technical momentum. While the next targets present enticing opportunities, overbought conditions on the RSI indicate the potential for short-term volatility. Traders should remain vigilant, balancing long positions with prudent risk management.
As BTC trades in uncharted territory, developments in U.S. crypto regulation and broader market dynamics will be pivotal in shaping its trajectory. All eyes remain on $113,000 as the next critical test in Bitcoin's remarkable ascent.