BTC Testing Key Level

The crypto market is firmly back in the spotlight today as Bitcoin prices continue to push higher following a correction lower last week. The futures market is now testing the $100k mark with bullish sentiment suggesting a continuation back towards all-time highs looks feasible. Mixed US inflation figures this week have kept the prospect of Fed rate cuts in H1 alive, helping strengthen demand for BTC here. While USD is still in a bullish position, we are down from recent highs and any further question marks in data today (US retail sales, weekly jobless claims, Philly Fed manufacturing) could see a deeper pull-back in USD.

Trump Crypto Boost

Looking ahead, the key driver behind BTC upside here is optimism ahead of Trump taking office next week. With the broad expectation that Trump is going to be a pro-crypto president, many players are anticipating a fresh bull run for BTC this year. Obviously, with any consensus forecast there is a big risk and the market is highly vulnerable to any downside squeeze in response to any disappointment. However, If Trump makes any pro-crypto moves (or noise) early on, this could be a major bullish catalyst for crypto near-term, opening up BTC to the prospect of fresh highs this month/

Technical Views

BTC

The market is now testing the bear channel highs and the 100,195 level. A break higher here will be firmly bullish (bull flag break), putting focus on a test of the 107,85 highs next. Momentum studies pushing higher again here and showing plenty of room for a fresh run to the topside.