Bitcoin holds firmly above the $100,000 level as markets anticipate swift action from the Trump administration, which has signaled a pro-crypto stance
BTCUSD continues its upward trajectory for the fourth consecutive day, poised to secure a decisive break above the key $100,000 level. This psychological barrier is reinforced by the top of the daily Ichimoku cloud and a descending trendline stemming from the recent record high.
The renewed strength reflects growing bullish sentiment, driven largely by expectations that the pro-crypto Trump administration will ease current cryptocurrency regulations and may even consider declaring Bitcoin as a reserve asset early in its term.
Despite a brief dip to the critical $90,000 support zone, strong buying interest at this level quickly reversed bearish momentum, forming a bear-trap pattern on the daily chart and generating a positive technical signal.
The convergence of the daily Tenkan and Kijun-sen lines is nearing a bullish crossover, which would further enhance the short-term outlook. A weekly close above $100,000—its first in five weeks—would solidify the bullish stance and set sights on targets at $102,770 (the January 7 lower top) and $103,830 (the 76.4% Fibonacci retracement of the $108,400 to $89,038 decline).
A robust weekly bullish candle with a long lower shadow supports these positive signals, with BTCUSD recovering over 61.8% of its recent pullback during this week.
Market sentiment remains closely tied to the anticipated actions of the new administration. If the pace of regulatory easing aligns with expectations, Bitcoin could retest its all-time high at $108,400 and potentially accelerate further if market euphoria intensifies. A break above this key pivot would target the psychological $110,000 barrier, with additional Fibonacci projections at $111,260, $113,260, and $116,500 serving as intermediate resistance levels.
Initial support is at the broken 61.8% Fibonacci retracement level around $101,000, with any corrective dips likely to remain above the $100,000 mark to sustain near-term bullish momentum.
Res: 102770; 103830; 104030; 106520
Sup: 101000; 100000; 99326; 98719