Bitcoin: On Thursday, Bit coin hit a record price of $93,400, continuing its strong upward trend. It later settled around $90,000 as traders watched its progress toward the $100,000 milestone. The rise was linked to hopes for crypto-friendly regulations under President-elect Donald Trump and expectations of more interest rate cuts by the US Federal Reserve.
Strong Market Performance
Bitcoin has risen nearly 6% in the US market, hitting a peak of $93,462 before dropping slightly to $89,974. As of Thursday morning in Singapore, it was trading at $90,077, giving Bitcoin a total market value of $1.78 trillion.
Positive Signs in the Market
Experts say both technical and fundamental factors point to continued strength in Bitcoin’s momentum.
– The Fear and Greed Index, which measures market confidence, is currently at “Extreme Greed,” showing strong optimism.
– According to Edul Patel, CEO of Mudrex, options worth over $850 million are set at the $100,000 level, indicating traders expect further growth.
– Bitcoin’s next resistance level is $94,200, with strong support at $85,500.
Trump’s Pro-Crypto Views Boost Optimism
Bitcoin’s surge is partly due to President-elect Trump’s positive stance on cryptocurrencies. Trump has suggested making regulations friendlier for digital assets, increasing optimism in the market. Reports say that 30% to 40% of Americans now own some form of cryptocurrency, a number that could grow if supportive policies are introduced.
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What Lies Ahead?
While many expect Bitcoin’s rally to continue, some experts warn of potential profit-taking after its 33% rise since the November 5 US election. Another factor to watch is the release of the US Consumer Price Index (CPI) data, which measures inflation. A lower-than-expected CPI could give Bitcoin an extra push upward.