Bitcoin inches closer to $100,000 as post US election rally continues
crypto-friendly regulatory environment under his administration.
Bitcoin has more than doubled from this year’s low of $38,505 and is up about 45% in the two weeks since Trump’s election win. At 10:35 AM IST, Bitcoin was trading 1.3% higher at $98,788, with analysts suggesting the milestone could soon be reached.
«The rally was driven by increased trading volumes in the “Bitcoin Industrial Complex” and the news of Trump’s media company filing for a trademark for a crypto payments service, lifting the market sentiment,» said Edul Patel, CEO Of Mudrex.
«BTC now faces critical resistance at $99,950 before breaking into the six-figure territory, with strong support holding at $95,000.» Edul added.
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View Details»Vikram Subburaj, CEO of Giottus, said, «Strong ETF inflows and bullish sentiment are driving the rally this month. Bitcoin’s RSI (at 69) suggests that the asset is not yet in overbought conditions.»
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