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In a move that confounded high-level expectations, US President Donald J. Trump ended his first day in office without issuing any cryptocurrency-related executive orders or making any reference to the much-hyped Bitcoin Strategic Reserve. which he had mocked during the Bitcoin 2024 conference in Nashville. The price of Bitcoin, which had risen to nearly $110,000 on hopes of a landmark announcement, quickly retreated once it became clear that the keynote address would not offer any explicit nods to digital assets.
What’s next for Bitcoin price?
Now, with BTC floating in what analysts describe as no man’s land, the market is looking to the White House for any sign that Trump’s previous pro-Bitcoin rhetoric could be translated into action. CRG Crypto Analyst (@MacroCRG) encapsulated The uneasy sentiment on
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CRG argued, “but all it takes is one mention of Trump and it sends IMO. Trump team bought 9 figs of crypto every day, it won’t be long until they start mining hopium.”
Some observers maintain that Bitcoin’s overall technical indicators remain favorable. Markus Thielen, researcher at Matrixport, commented in
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According to Thielen, Trump’s inauguration served as a catalyst for Bitcoin to break that gap, but whether this breakout can hold depends on BTC maintaining support around the upper boundary. “Bitcoin is now retesting the breakout level, which corresponds to the upper boundary of the wedge. If Bitcoin holds above this key support, the near-term outlook remains very bullish, and the breakout indicates renewed bullish momentum,” Thielen writes.
Renowned analyst Rekt Capital (@rektcapital) noted on X that Bitcoin managed to retest key levels, particularly at $101,000. While the market saw a harsh rejection from its high range, Rekt Capital emphasizes that this retest of both the “red diagonal” and “black low range” is a strong sign that BTC could consolidate in the $101,000 corridor. $106,000 before potentially moving higher. again.
Meanwhile, trader Crypto Chase (@Crypto_Chase) hinted at his willingness to go long if Bitcoin falls to around $99,500. He noted: “I would take a long offer from 99.5K~ if it was offered to me. I think the gray box should be kept for local optimism and it makes sense to sweep away all Trump progress/news. I would also accept a sweep of the 97K minimum, but that’s as far as it should go. If I spend a good amount of time above 96-97K, my plan/reading probably won’t work. Inval drops below 90, aiming for new ATHs. Trade 3R~”.
Despite Wednesday’s disappointment, many believe the president’s pro-Bitcoin stance remains intact. David Bailey, CEO of BTC Inc. and a key figure in Trump’s shift toward a more friendly position on Bitcoin and cryptocurrencies, addressed X today: developer: “Tonight I received confirmation that our EOs are in the top 200. I have no idea what managed to get in, but good news is coming.” Bailey also claimed that these include “EOs related to Bitcoin or cryptocurrencies,” leaving open the possibility of a sudden political bombshell.
If such an order were to materialize, markets could quickly return to bullish territory. For now, however, traders and investors remain in limbo, waiting for that elusive official statement or executive order from the White House that could reignite Bitcoin’s momentum.
At the time of publication, BTC was trading at $103,182.
Featured image created with DALL.E, chart from TradingView.com
