Bitcoin Surges to Record High Above $94K, Signaling Continued Uptrend

Bitcoin reached a new all-time high above $94K on Wednesday, fueled by growing expectations for more crypto-friendly policies under the incoming Trump administration.

The break above the top of a seven-day consolidation range has provided an initial signal that the larger uptrend is set to continue after a brief pause for consolidation following strong post-U.S. election gains.

As mentioned in previous analyses, the overall sentiment remains extremely positive, bolstered by expectations of a more favorable environment for cryptocurrencies, especially Bitcoin—the largest and most well-known digital asset.

Trump and his team have highlighted the enormous potential of Bitcoin, suggesting it could become a key component of national economic strategy. This has sparked optimism about potential revolutionary shifts in the crypto space.

For the bullish momentum to remain validated, Bitcoin needs to close above its previous high of $93,500. With bulls approaching the $95K mark, the focus will be on breaking through this level as a precursor to testing the psychological $100K barrier.

Bitcoin’s performance so far in November represents the largest monthly gain in its history, with strong bullish momentum holding above the $90K support. However, resistance near $100K is expected to present a significant challenge as the rally progresses.

Res: 95000; 95648; 96000; 97000
Sup: 94000; 93500; 91440; 90000