Bitcoin Breaks the 100K Barrier, Reaching a New Record High at 104K

Bitcoin surged past the monumental 100K mark on Thursday, setting a new all-time high in the 104K zone.

A sharp rally of over 6% during the Asian trading session propelled Bitcoin beyond the upper boundary of its recent consolidation range (90K-100K), signaling a continuation of the broader uptrend after a brief pause.

As 2024’s standout market performer, Bitcoin more than doubled in value, with its strongest historical gains recorded in November, driven by renewed optimism following Donald Trump’s presidential election victory.

Investors are banking on Trump’s pro-crypto administration to resolve regulatory uncertainties and pave the way for digital assets to gain even more traction in mainstream finance, appealing to both private and institutional investors.

Today’s rally was further bolstered by Trump’s nomination of Paul Atkins, a former SEC Commissioner, to lead the Securities and Exchange Commission. Atkins’ belief in fostering innovative capital markets is expected to provide a significant boost to the crypto space.

A sustained close above the 100K level would confirm a fresh bullish signal, setting the stage for targets at 105,416, 106,741, and 108,883 (projected Fibonacci extensions of the rally from 90,732).

The breached 100K level now serves as a solid support line, alongside the former record high of 99,807, helping to cushion any potential downside.

Res: 104032; 104345; 105416; 106741
Sup: 100792;10000; 99807; 97723