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BTC Rally Continues
Bitcoin prices continue to push higher ahead of the weekend and are closing in on the milestone $100k mark, with BTC futures hitting highs of around $99,500. BTC prices have now surged higher by more than 40% since the day of the US elections. Expectations of a pro-crypto environment under Trump have helped bolster bullish sentiment across the board in crypto markets.
Trump & Bitcoin
For Bitcoin, the prospect of and easier regulatory environment, easier institutional access and wider mainstream uptake, mean that traders are expecting the current rally to continue through into next year. While details of crypto specific policies won’t emerge until Trump is in office, market chatter around various possibilities, such as a strategic US bitcoin reserve, are helping keep support well primed here.
SEC Change
News this week that SEC chairman Gary Gensler will step down in January is being interpreted as a sin of the upcoming change in atmosphere. Gensler took a hard stance against the crypto sector and while a replacement is yet to be confirmed, crypto traders widely expect a more favourable candidate under Trump. Looking ahead, BTC prices might experience some volatility as they test the $100k mark though any dips are expected to find good support to keep the focus on a further push higher.
Technical Views
BTC
The rally in BTC is now fast approaching a test of the 100k mark and the 2% extension of the March – September correction. With momentum studies bullish, focus is on a continuation higher while above 91,025 with 107,75 the next bull target 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.