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Breaking: Bitcoin soars past $100K as Trump nominates pro-crypto Atkin as next SEC chair

05 Dec 2024


  • 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 (BTC) has reached a remarkable new all-time high (ATH) of $99,588, successfully breaching the $100,000 threshold on Thursday. This surge follows a recovery from a recent downturn that the cryptocurrency experienced last week. A significant catalyst for this upward momentum was the announcement made on Wednesday regarding Paul Atkins' appointment as the new Chair of the Securities and Exchange Commission (SEC), a position previously held by Gary Gensler. Analysts and investors alike have interpreted this change in leadership as a positive development for the cryptocurrency market, contributing to the renewed interest and investment in Bitcoin.

    As Bitcoin enters a new phase of price discovery, market analysts are optimistic, projecting a potential target of $113,000 in the near future. This bullish sentiment is fueled by the belief that Atkins, who is the CEO of Patomak Global Partners, will adopt a more favorable stance towards cryptocurrency regulations, thereby fostering a more conducive environment for digital assets.

    In a related announcement, President-elect Donald Trump revealed on Wednesday that he had nominated Paul Atkins for the SEC Chair position. This news has been well-received within the cryptocurrency community, as Atkins is perceived as an advocate for crypto initiatives and innovation. Following the announcement, Bitcoin's price experienced a notable increase of 2.8% on Wednesday, and this upward trend continued into Thursday, culminating in Bitcoin's historic achievement of surpassing the $100,000 milestone.

    The combination of favorable regulatory news and the overall positive sentiment surrounding Bitcoin has not only propelled its price to new heights but has also invigorated the broader cryptocurrency market. Investors are closely monitoring these developments, as they could signal a shift in regulatory attitudes that may further enhance the legitimacy and adoption of cryptocurrencies in the financial landscape.
  • Bitcoin has officially crossed the six-figure threshold, marking a significant moment in its trading history. The cryptocurrency's price has surged past its previous all-time high of $99,588, achieving the notable milestone of $100,000 on Thursday. This impressive leap follows a recovery from a recent downturn that was observed just last week. As of the most recent update, Bitcoin is trading at over $103,000, reflecting a robust upward momentum.

    If Bitcoin continues on this upward path, it may aim to revisit the 141.40% Fibonacci extension level, which is calculated based on the price movements from a low of $66,835 recorded on November 4 to the high of $99,588 reached on November 22. This Fibonacci extension level is positioned at $113,147. Should Bitcoin manage to close successfully above this critical level, it could set the stage for an additional rally, potentially driving the price towards the psychologically significant target of $125,000.

    However, traders should be mindful of the current market conditions. The Relative Strength Index (RSI) on the daily chart is currently at 72, indicating that Bitcoin is trading above the overbought threshold of 70. This suggests that while the price is experiencing a strong rally, there is an increasing risk of a price correction. As such, traders are advised to exercise caution when considering the expansion of their long positions. Despite this caution, the RSI continues to trend upwards, which implies that the bullish momentum may persist as long as the indicator remains in the overbought territory. This dynamic creates a complex scenario for traders, balancing the potential for further gains against the risk of a market pullback.

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