Bitcoin Price Surges Past $95,000: Will $100,000 Milestone Be Hit Soon?
The price of Bitcoin has made a strong recovery, bouncing back above $95,000 after experiencing some ups and downs in the past few trading sessions. Despite hitting a low of $90,770 earlier this week, the cryptocurrency has rallied. This upswing is fueled by positive developments in U.S. regulations and overall market sentiment.
As of 12:19 PM, Bitcoin was trading 2.6% higher at $95,550, while Ethereum, the second-largest cryptocurrency, saw a 4.9% increase to $3,596.
One factor contributing to this rally is news that President-elect Donald Trump’s transition team is considering pro-crypto advocate Paul Atkins to replace Gary Gensler as SEC Chair. Additionally, there are reports of Trump’s team thinking about former CFTC Chair Chris Giancarlo for a “Crypto Czar” role. This news has boosted market confidence.
Edul Patel, Co-founder and CEO of Mudrex, noted that Bitcoin is approaching the $100,000 mark, driven by reports of Trump considering pro-crypto figures for key roles. Patel also mentioned that the Federal Reserve’s hints at “gradual rate cuts” have further improved market sentiment. Currently, Bitcoin is facing resistance at $99,300, with support at $93,400.
CEO of BuyUcoin, Shivam Thakral, pointed out that the rebound in Bitcoin’s price aligns with strong U.S. economic data and investor expectations. This recent rally comes after a brief dip earlier in the week. Thakral added that investors are optimistic about Bitcoin’s trajectory, with some predicting it could reach $100,000 soon. The ongoing consolidation of Bitcoin may lead to further gains in the coming weeks.
Bitcoin has had an impressive year, with a 120% increase year-to-date and a 42% rise in November alone. This growth is supported by Trump’s pro-crypto campaign promises to make the U.S. the “crypto capital of the planet.”
In addition to Bitcoin, other major cryptocurrencies also experienced gains, including Solana (3.3%), BNB (6%), XRP (7.4%), Dogecoin (3.3%), Cardano (4.6%), Shiba INU (3.7%), and Stellar (12.3%).
Looking at the technical view, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, pointed to strong bullish momentum for Bitcoin on the daily chart. Although recent price action has corrected after falling short of $100,000, the $90,000 support level remains intact. The RSI no longer signals overbought conditions, indicating limited downside. On the 4-hour chart, there is a breakout from the ascending channel, hinting at a potential reversal. However, with the overall market still bullish, Bitcoin could quickly return to this pattern and push towards $100,000. A drop below $90,000 could indicate a deeper correction.
It will be interesting to see how Bitcoin continues to perform in the coming weeks, especially as it approaches the significant milestone of $100,000.
