Bitcoin price hits record $106,000 amid Trump pro-crypto policies
Bitcoin hits milestone $106,000 high on Trump's pro-crypto policy speculation
Bitcoin surged to a record high of $106,000 on Monday, as speculation over pro-crypto policies from President-elect Donald Trump fueled market optimism.
This milestone marks a 10% year-to-date gain for Bitcoin, which had already breached its previous all-time high of $103,700 earlier this month.
BTC price dynamics (November-December 2024). Source: TradingView.
Since Trump’s election on November 5, Bitcoin has soared over 50%, reflecting growing confidence in his administration’s potential to foster a crypto-friendly regulatory environment. Trump’s recent comments, suggesting plans to establish a U.S. Bitcoin strategic reserve, have further ignited bullish sentiment. Comparing the initiative to the U.S. Strategic Petroleum Reserve during a CNBC interview, he declared, “We’re gonna do something great with crypto.”
Trump’s shift toward crypto-friendly policies represents a stark departure from his earlier skepticism. His administration has already announced key appointments, including PayPal alum David Sacks as the White House AI and crypto czar and pro-crypto attorney Paul Atkins as the SEC nominee. Globally, governments are taking steps to integrate cryptocurrencies into their strategic reserves, with countries like China, El Salvador, and Russia also holding significant Bitcoin stakes.
Bitcoin price forecast: Can momentum sustain above $106,000?
While the market embraces the possibility of a U.S.-backed Bitcoin reserve, skeptics warn that turning this into reality could take years. For now, Bitcoin’s bullish momentum remains intact, with traders eyeing the $106,000 resistance level as a pivotal point for the next leg of the rally. Bitcoin’s rapid ascent pushed its hourly Relative Strength Index (RSI) into overbought territory, indicating potential short-term profit-taking. Near-term support is seen at the previous all-time high of $103,700, with the psychologically significant $100,000 level providing additional downside protection.
Bitcoin holds steady above the critical $100,000 support level below the all-time high of $103,700. Analysts cite sustained market inflows and key price indicators as supportive factors.
