Bitcoin broke above the $100K milestone on Thursday
after its normal correction.
The BTC rally was fueled by Trump’s announcement on
Wednesday that Paul Atkins would replace Gary Gensler as SEC Chair.
BTC enters a price discovery mode with a technical outlook suggesting a target
of $113,000.
Bitcoin’s (BTC) price breaks its all-time high (ATH)
of $99,588, surpassing its $100K milestone on Thursday after recovering from
its recent pullback since last week.
On Wednesday, announcing that Paul Atkins would
replace Gary Gensler as Securities & Exchange Commission (SEC) Chair added
fuel to BTC’s rally. BTC has entered price discovery mode, with analysts eyeing
a target of $113,000.
President-elect Donald Trump confirmed on Wednesday
that he has nominated Patomak Global Partners CEO Paul Atkins as the next
Chairman of the Securities & Exchange Commission (SEC).
This announcement positively impacted the crypto
market, as Atkins is considered pro-crypto. Bitcoin’s price increased 2.8% on
Wednesday, and the rally continued, surpassing the $100K milestone on Thursday.
Bitcoin breaks above the six-figure mark
Bitcoin price breaks above its ATH level of $99,588, surpassing its $100K
milestone on Thursday after recovering from its recent pullback since last
week. At the time of writing, it trades higher above $103,000.
If BTC continues its upward trend, it could extend the
rally to retest its 141.40% Fibonacci extension level drawn from the November 4
low of $66,835 to the November 22 high of $99,588 at $113,147.
A successful close above this level could extend an
additional rally to retest its psychologically important $125K level.
The Relative Strength Index (RSI) on the daily chart
reads 72, trading above its overbought level of 70.
Traders should be cautious when adding to their long
positions because the chances of a price pullback are increasing. Still, the
RSI is still pointing upwards, so there is the possibility that the rally
continues and the indicator remains above the overbought level.
If BTC continues to decline, it could extend the
correction to retest its $90,000 support level.
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