Bitcoin price holds above $100k amid TRUMP and MELANIA meme token surge
Bitcoin steadies at $100,000 support after last week’s dip from $106,500 high
Bitcoin price action has seen notable fluctuations, making for an intriguing price outlook. After climbing as high as $106,500 last week, nearing the all-time high of $108,200, Bitcoin retraced to $101,500, closing on a slight dip.
This volatility came amid the emergence of meme tokens like TRUMP and MELANIA which dominated the market’s attention.
During the Asian session on Monday, Bitcoin saw mild price action, rising just 1% to trade near $102,000, after a brief dip to the $100,000 support level. As Bitcoin finds a new support level at the psychological $100,000 mark, this level becomes reinforced by the 50-EMA on the 4-hour chart, providing Bitcoin with some cushion in case of further downward movement. The key for bulls is maintaining support above this level, as a drop below could bring additional pressure.
Bitcoin finds support at $100,000 and faces resistance at $102,700
Looking ahead, the $102,700 price peak from earlier this month now poses resistance for Bitcoin in Monday’s European session. If Bitcoin manages to push through, the focus will shift to retesting the all-time high of $108,200.
BTC price dynamics (December 2024-January 2025). Source: TradingView.
Despite these short-term fluctuations, the broader outlook appears bullish, driven by a growing sense of acceptance within the market. A notable catalyst for future price moves could be the upcoming actions from the U.S. government, as speculation mounts over the potential introduction of an executive order for a strategic Bitcoin reserve. This would further solidify Bitcoin’s place as an important asset class, especially in light of Arca’s CIO, Jeff Dorman, who sees the emergence of the TRUMP token as clearing the regulatory path for wider crypto adoption.
For traders, the 50 EMA on the 4-hour chart gives confidence that the $100,000 mark will hold for now. Bitcoin's Relative Strength Index (RSI) has also shown a mildly bullish stance due to the early rise in today's session. While still in positive territory, the RSI signals that any price move above $102,700 could lead to further bullish momentum.
Concerns over increased exchange inflows and overbought conditions did not lead to selling pressure. Bitcoin's price steadily rose from January 13 onwards.
