Bitcoin is in a tug-of-war at the $95,000 level. Donald Trump, the elected president of the U.S., nominated Stephen Miran as the chair of the Economic Advisory Council, which the industry sees as a positive development for the crypto sector.
Cathie Wood, founder of asset management company Ark Invest, predicts that due to the pro-cryptocurrency policies of the upcoming Trump administration, Bitcoin's price will reach $1 million by 2030. Eric Trump, son of Trump, also stated that due to supply scarcity, Bitcoin's price will reach $1 million.
Bitcoin Technical Analysis
CoinTelegraph notes that Bitcoin rebounded from the 50-day simple moving average of $92,901, but the recovery faced selling pressure at the 20-day exponential moving average of $98,758.
Due to both bulls and bears trying to gain the upper hand, Bitcoin may consolidate between moving averages. If the price breaks above the 20-day moving average, it indicates that the correction may be over. Bitcoin could then retest the historical high of $108,353. A breakout and close above this resistance level could open the next round of upward trends, with a peak price of $113,331, followed by $125,000.
Conversely, a drop and close below the 50-day moving average may trigger a deeper retracement towards $85,000. This is an important level that bulls need to defend, as a drop below this level could open the door for a decline to $73,777.
Both moving averages on the 4-hour chart are trending downwards, and the RSI is in negative territory, indicating that sellers are in control. A drop and close below the $90,000 support level may signal the start of further retracement to $85,000.
The first strong signal would be a breakout and close above $100,000. Bitcoin could rise to $105,000 and then to $108,353. Sellers are expected to fiercely defend this level, as if their efforts fail, Bitcoin could resume its upward trend.
Positioning 3 altcoins under $0.10 for 100x returns!
1. JASMY
Jasmy Coin is built on the Ethereum ecosystem and is an IoT-based project provided by a Tokyo-based company. By combining IoT technology with blockchain technology to recover and protect personal data, allowing users complete control over their personal information, JASMY's price is receiving a lot of attention.
By continually hitting new highs, Jasmy Coin's price has formed a strong bullish price trend on the weekly timeframe. This highlights the high likelihood of the cryptocurrency project moving towards its target price of $0.10.
2. BABYDOGE
This crypto project is the leading community memecoin on the BNB chain. Notably, Baby Doge was created to help spread awareness of animal adoption. By donating dog food valued at over £81,000, BabyDoge is the only meme with an official world record for saving dogs.
It is worth noting that this meme coin has been very volatile since its inception, highlighting its strong price movement in the cryptocurrency space.
Due to its successful listing on top global cryptocurrency exchanges, BABYDOGE's price is currently severely undervalued. The project may drop 1-2 zeros during this bull market.
3. RSR
The Reserve protocol is built as an 'ERC-20' token with two main uses: staking and governance. Notably, the Reserve Rights (RSR) token was launched in May 2019 after a successful Initial Exchange Offering (IEO) on the Huobi Prime cryptocurrency platform.
Technical indicators show increased volatility, indicating that buying and selling pressure for this altcoin has intensified. Notably, bullish rallies can be recorded over a longer timeframe, highlighting positive prospects.
The acceleration of the adoption process of the Ethereum ecosystem may drive the value of this ERC-20 token to new highs in 2025. In an optimistic scenario, if the market favors the bulls, the Reserve Rights price could reach up to $0.05.
