In a transfer that dashed excessive-flying expectations, US President Donald J. Trump ended his first day in workplace with out issuing any crypto-associated govt orders or referencing the a lot-touted Strategic Bitcoin Reserve he had teased throughout the Bitcoin 2024 convention in Nashville. Bitcoin’s worth, which had surged to nearly $110,000 on hopes of a landmark announcement, retreated swiftly as soon as it turned clear the inauguration handle would supply no express nod to digital belongings.
What Next For The Bitcoin Price?
Now, with BTC hovering in what analysts describe as no-man’s land, the market seems to be to the White House for any indication that Trump’s earlier pro-Bitcoin rhetoric may translate into motion. Crypto analyst CRG (@MacroCRG) encapsulated the uneasy sentiment on X , claiming that “crypto feeling a bit directionless” might shortly change if Trump merely mentions Bitcoin.
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CRG argued, “but all its gonna take is 1 mention from Trump and it sends IMO. Trump’s team bought 9 figs of crypto yday, won’t be long until they start blasting hopium.”
Some observers keep that Bitcoin’s overarching technical indicators stay favorable. Markus Thielen, a researcher at Matrixport, commented on X that “since mid-November, Bitcoin has been trading within a narrowing wedge,” stifled by conflicting alerts—starting from larger inflation information to hopes of a supportive White House.
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According to Thielen, Trump’s inauguration served as a catalyst for Bitcoin to interrupt out of that wedge, however whether or not this breakout can maintain will depend on BTC sustaining assist across the higher boundary. “Bitcoin is now retesting the breakout level, which corresponds to the upper boundary of the wedge. If Bitcoin holds above this key support, the short-term outlook remains highly bullish, with the breakout signaling renewed upward momentum,” Thielen writes.
Renowned analyst Rekt Capital (@rektcapital) identified on X that Bitcoin managed to retest key ranges, notably at $101,000. While the market noticed a harsh rejection from its vary excessive, Rekt Capital emphasizes that this retest of each the “red diagonal” and the “black Range Low” is a robust signal that BTC may consolidate within the $101,000-$106,000 hall earlier than doubtlessly marching larger once more.
Meanwhile, dealer Crypto Chase (@Crypto_Chase) hinted at a willingness to go lengthy if Bitcoin dips to round $99,500. He famous: “I’d take a long from 99.5K~ if offered. I think gray box needs to hold for local bullishness and sweeping all the Trump leadup / news PA makes sense. I’d also accept a sweep of the 97K low, but that’s farthest it should go. Any good amount of time spent past 96-97K and my plan / read is likely off. Inval low 90’s, aiming for new ATH’s. 3R~ trade.”
Despite Wednesday’s disappointment, many consider the president’s pro-Bitcoin stance stays intact. David Bailey, CEO of BTC Inc. and a key determine in Trump’s shift towards a extra Bitcoin and crypto-friendly position, took to X at present, revealing: “Got confirmation tonight that our EOs are among the first 200. I have no idea what made it in, but good news cometh.” Bailey additionally acknowledged these embody “EOs related to Bitcoin or crypto,” leaving open the potential of a sudden coverage bombshell.
Should such an order materialize, markets might shortly pivot again into bullish territory. For now, nonetheless, merchants and buyers stay in limbo, awaiting that elusive official assertion or govt order—from the White House that may reignite Bitcoin’s momentum.
At press time, BTC traded at $103,182.
Featured picture created with DALL.E, chart from TradingView.com
