- Bitcoin surged past $100,000, driven by optimism following Trump’s nomination of Paul Atkins, a pro-crypto figure, as SEC Chair.
- BTC trades at $102,101, supported by strong technical indicators like parabolic price action and RSI at 72, with a potential target of $120K.
- While bullish sentiment dominates, immediate key support at $93,665 and $90,708 may come into play if selling pressure emerges.
Bitcoin price has reached a groundbreaking milestone, surging past the $100,000 mark for the first time in its history. This historic leap comes in the wake of former President Donald Trump nominating Paul Atkins as the new Chair of the U.S. Securities and Exchange Commission (SEC). Atkins, known for his pro-business stance and lenient approach to financial regulations, has sparked optimism across cryptocurrency markets.
A Deep Dive into Bitcoin’s $100K Surge
Bitcoin proce is currently trending at $102,101 as at 1:20 PM EAT. This is after breaking key resistance at $97,484 and $98,853.
Key support levels are at $93,665 and $90,708. The chart reveals a steep bullish parabolic curve, since the nomination. Suggesting that it could have been a major reason for the spike.
BTC price is trending above the 50 and 200 day Simple Moving Averages (SMAs), indicating strong momentum and an increase in buy pressure.
Moreover, the Relative Strength Index (RSI) at 72, suggests that the asset is currently overbought and buying pressure is still increasing.
The general BTC analysis on the 6-hour timeframe is currently bullish. If the bulls sustain the current pressure, the price of BTC could soar, targeting the $120K mark.
On the downside, should the bears take over the market, we could see the price of BTC drop to the immediate key support level at $93,665.
https://twitter.com/ali_charts/status/1864576147645739088
Can BTC Sustain Its Momentum?
Advancements in blockchain technology and growing adoption in sectors like finance and retail could boost demand. Also, following the announcement of SEC Chair Gary Gensler’s resignation on January 20th, 2025, BTC could soar exponentially even in the coming month, to possibly hit $120K.
