$BTC Bitcoin hit $106,000 on Monday after President-elect Donald Trump suggested he planned for the U.S. to create a strategic reserve similar to oil reserves, according to Reuters.

“The next level the market is going to look for is $110,000. The pullback that many were expecting has not happened because we now have this news,” said Tony Sycamore, an analyst at IG.

Bitcoin and crypto in general have been in the spotlight as investors bet on the incoming Trump administration to introduce a more friendly regulatory environment.

Last week, Trump was asked if he planned to create a crypto reserve similar to oil reserves, and his answer was: “Yes, I think so.”

“I think we need to be cautious about the BTC strategic reserve, or at least assume that it’s not going to happen anytime soon,” said Chris Weston, head of research at Papperstone.

Bitcoin has risen more than 50% since Donald Trump won the election on November 5.