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BTC Breaks Out
Bitcoin prices are back in the spotlight this week after rallying to fresh record highs on Monday. BTC futures reached highs of mid $107s through early European trading on Monday as optimism ahead of Trump’s return to office in January continues to bolster sentiment. On Sunday, Trump told CNBC that the incoming administration was “gonna do something great with crypto” in a bid to stave off other superpowers, such as China, gaining a competitive advantage. For the first time, Trump confirmed that he plans to establish a strategic, national Bitcoin reserve. Having first mentioned the prospect of such a fund back in July, over the course of his presidential campaign, these comments mark the first serious signal from Trump regarding his planned action on crypto.
Near-Term View
Anticipation around Trump’s plans for Bitcoin have been a major driver of BTC upside in recent months. While upside momentum has been weaker in recent weeks, there is a sense among bulls that the market is set for a fresh advance early next year. The push higher this week is therefore an encouraging sign that an early 2025 breakout is on the cards. This week, traders will be turning their attention to expected easing from the Fed which should help further underpin crypto sentiment, keeping BTC supported.
Technical Views
BTC
The rally in BTC has seen the market trading up to test the $107,85 level resistance and the bull channel highs. The move has stalled for now, though while price holds above the $100,19 level and the bull channel lows, focus is on a continuation higher.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.