Synopsis
At 11:01 AM IST, Bitcoin rose 0.05% to $98,270, with analysts predicting it could soon hit the $100,000 mark. The cryptocurrency has surged 45% since Trump’s election victory on November 5, which brought several pro-crypto lawmakers into Congress.
Bitcoin (BTC) traded flat on Monday around the $98,200 mark. On Friday, the cryptocurrency reached a record high of $99,830, fuelled by expectations of a more crypto-friendly regulatory environment under former President Donald Trump.
At 11:01 AM IST, Bitcoin was up 0.05% at $98,270, with analysts speculating that the $100,000 milestone could soon be reached.
The token is up about 45% since Trump’s sweeping election victory on November 5, when voters elected a slew of pro-crypto lawmakers to Congress.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker32.53% BuyCrypto Blue Chip – 59.13% BuyDeFi Tracker8.91% BuySmart Contract Tracker7.66% BuyBTC 50 :: ETH 506.42% BuyTOP COINS (₹) Tether84 (-0.16%)BuyBitcoin8,283,458 (-0.27%)BuyEthereum285,275 (-1.28%)BuySolana21,303 (-1.52%)BuyBNB55,482 (-1.66%)Buy“Bitcoin reached an all-time high of $99,588 last week, with market participants eagerly anticipating the psychological $100K milestone. Currently, BTC is trading around the $98,000 level, reflecting mixed market sentiment. While some analysts foresee a potential correction, others remain optimistic about its upward trajectory,” said CoinSwitch Markets Desk.
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View Details »“Additionally, current geopolitical tensions, particularly the escalating Russia-Ukraine conflict, should be closely monitored, as they may impact market sentiment and broader financial conditions,” CoinSwitch added.
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Edul Patel, CEO of Mudrex, said, “The market activity remains strong, with Bitcoin ETFs projected to surpass Satoshi’s BTC holdings by year-end. BTC now faces resistance at $99,600, with strong support holding at $95,400.”
Also Read: What does the future hold for Bitcoin’s $100,000 mark?
Meanwhile, other major cryptocurrencies faced selling pressure, with Ethereum, Solana, BNB, Dogecoin, Cardano, Tron, Avalanche, Shiba Inu, and Litecoin dropping by up to 5%.
“Key altcoins have experienced 3-7% declines on Monday with Cardano and Polkadot dipping considerably. If Bitcoin rallies towards $100,000 this week, it will bring more cheer to the altcoin market,” said Vikram Subburaj, CEO of Giottus.
Meanwhile, Avinash Shekhar, Co-Founder & CEO of Pi42, said, “Market sentiment is bullish as the 10-day Simple Moving Average stands at $94,910 reading “Buy,” but a relative strength index (RSI) of 78 is a level that could point towards being overbought.”
“Optimism is that BTC may break even at $100,000 and shoot toward $113,331, but high resistance and selling pressure await. A correction to $85,000 might be high if bulls cannot hold the momentum,” Shekhar said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
