Bitcoin reached a new all-time high of $93,400 before settling around $90,000, as traders closely watch its move toward the $100,000 milestone.
On Thursday, Bitcoin surpassed the $93,000 mark, continuing its strong upward momentum. This surge is largely attributed to growing optimism about a potentially crypto-friendly regulatory approach from President-elect Donald Trump, as well as expectations that the US Federal Reserve may cut interest rates further. At its peak, Bitcoin touched $93,400 before pulling back slightly to $90,000, with traders keeping a close eye on the path toward $100,000.
Bitcoin’s Recent Rally
Bitcoin's recent rally has been impressive, with the cryptocurrency climbing nearly 6% in the US market. It briefly reached a record high of $93,462 before retreating to $89,974 by Thursday morning in Singapore. By 9:25 AM, Bitcoin was trading around $90,077, giving it a market capitalization of $1.78 trillion.
Market Indicators and Bullish Sentiment
Both technical and fundamental indicators suggest that Bitcoin’s momentum remains strong. The Fear and Greed Index, which gauges market sentiment, is currently showing "Extreme Greed," signaling high confidence among investors.
Edul Patel, CEO of Mudrex, noted that over $850 million in Bitcoin options are positioned at the $100,000 mark, reflecting strong trader belief in Bitcoin’s continued rise. He highlighted that Bitcoin's next resistance level is at $94,200, with key support at $85,500.
Patel commented, “Bitcoin has resumed its rally, reaching a new all-time high of $93,400 and stabilizing around $90,000. Technical and fundamental indicators suggest continued strength, with the Fear and Greed Index showing 'Extreme Greed.' The $100,000 level remains a key target, and traders are confident in this rally.”
Trump’s Pro-Crypto Stance
A key factor driving Bitcoin's recent rise is Donald Trump’s pro-crypto stance. Trump has expressed interest in creating a more favorable regulatory environment for digital assets, which has fueled optimism among cryptocurrency enthusiasts. Many believe that such policies could make the market more attractive and push Bitcoin closer to the $100,000 mark.
It’s also reported that between 30% and 40% of Americans now hold some form of cryptocurrency, a number that could grow further if crypto-friendly policies are implemented.
While some speculators expect Bitcoin’s price to continue rising, others warn that profit-taking could occur following its 33% increase since the US election on November 5.
Inflation Data and Its Potential Impact
Another factor influencing Bitcoin’s price is the upcoming release of the US Consumer Price Index (CPI), which is closely watched as an indicator of inflation. A lower-than-expected CPI could provide additional momentum for Bitcoin.
Avinash Shekhar, Co-founder and CEO of Pi42, explained, “If the CPI data shows inflation is decreasing, it could accelerate Bitcoin’s climb towards $100,000, potentially reaching that milestone by March or April next year.”
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The content emphasizes providing valuable information and encourages readers to research before investing, reminding them that they are solely responsible for their crypto transactions and should exercise caution and due diligence.
