Bitcoin price rebounds above $95k. Will the $100,000 milestone be reached soon?
Bitcoin has bounced back above $95,000 following significant volatility over the past four trading sessions. The cryptocurrency hit an intraday low of $90,770 on Wednesday but has since rallied, driven by positive developments in the U.S. regulatory landscape and favorable market sentiment.
As of 12:19 PM, Bitcoin was trading 2.6% higher at $95,550, while Ethereum, the second-largest cryptocurrency, surged 4.9% to $3,596.
A key driver of the rally was news that President-elect Donald Trump’s transition team interviewed Paul Atkins, a pro-crypto advocate, as a candidate to replace Gary Gensler as SEC Chair. Trump’s crypto-friendly stance, coupled with reports of his team considering former CFTC Chair Chris Giancarlo for a «Crypto Czar» role, has buoyed market optimism.
«Bitcoin is moving closer to the $100K mark, spurred by reports of Trump considering pro-crypto figures for key roles,» said Edul Patel, Co-founder and CEO of Mudrex. «The Federal Reserve’s minutes hinting at 'gradual rate cuts' have further lifted market sentiment. Bitcoin is currently facing resistance at $99,300, with support at $93,400,» Patel added.
Shivam Thakral, CEO of BuyUcoin, highlighted the impact of strong U.S. economic data aligning with expectations. «This rebound follows a brief dip earlier in the week. Investors are optimistic about Bitcoin’s trajectory, with some forecasting it could reach $100,000 soon,» Thakral said. He added that Bitcoin's ongoing consolidation may lead to further gains in the coming weeks.
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