Bitcoin price maintain support above $102,700 amid Trump executive order
Bitcoin price has had a week marked by significant regulatory developments which has not only maintained its bullish momentum but also found key support levels, pushing its price to hover around new highs.
Just four days into his new term, President Trump signed an executive order on January 23, 2025, setting a clear path for the U.S. to lead in the cryptocurrency market. The order outlines a strategy for the responsible growth of digital assets, highlighting the industry's role in innovation and economic development. This move has created a framework for regulation, with a new "Presidential Working Group on Digital Asset Markets" tasked with crafting federal guidelines for digital assets, including stablecoins.
BTC price dynamics (November 2023-January 2025). Source: Tradingview
The market responded positively to this regulatory clarity. Bitcoin, which had recently touched an all-time high near $109,400, has been back and forth above $100,000 for over seven days. On Friday, January 24, the cryptocurrency found support at the 50-day exponential moving average (EMA) on the 4-hour chart, specifically at $102,700 during the Asian session. As the market moved into the European session, Bitcoin's price climbed to around $105,500, marking a 1% increase for the day.
Bitcoin price forecast: RSI shows favorable long-term outlook
Technical analysis provides further insight into Bitcoin's current trajectory. The Relative Strength Index (RSI) on the 4-hour chart has cooled from overbought conditions after the recent peak, nearing bearish territory. However, the daily RSI remains in a bullish zone, suggesting sustained buying interest. This indicates that while short-term corrections might be on the horizon, the long-term outlook remains favorable.
Trump's order also hints at the development of a "strategic national digital assets stockpile," potentially laying the groundwork for a strategic Bitcoin reserve. This could further solidify Bitcoin's role in the U.S. financial strategy, enhancing its investment appeal. The combination of this major political support for digital assets and solid technical indicators paints a picture of a cryptocurrency market on the cusp of significant growth.
The surge in Bitcoin's Realized Cap during late 2024 fueled its rise above $100,000. A slowdown in realized capital inflows caused Bitcoin to lose most of its weekly gains.
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