Bitcoin Soars Following Trump Social Media Post
Following heavy selling last week, crypto sentiment looks to be rebounding this week. Bitcoin futures gapped higher by more than 10% at the weekly open last night as traders reacted to unexpected news from President Trump. In a post on Truth Social yesterday, Trump named five cryptocurrencies, including Bitcoin, which will be included in a strategic crypto reserve. The news has created a strong reaction across crypto markets with each of the five currencies named seen spiking higher. While BTC is currently softening from initial post-announcement highs, the market is expected to remain supported with price vulnerable to fresh upside spikes on any further news.
Bulls Looking for Further Details
The creation of a crypto reserve has been viewed as a key bullish catalyst for Bitcoin and the absence of any progress on the issue has clearly taken a toll on bull sentiment in recent weeks. However, with Trump now turning his focus to the crypto market, the near-term outlook looks to have improved. Bulls now need to see some concrete steps being taken towards setting up the fund to help drive prices higher. The risk is that if Trump turns his focus back to other policy items and no progress is made, Bitcoin could start to drift lower again.
Technical Views
Bitcoin
The gap higher in BTC has seen the market breaking back above the bull channel lows and the $91,750 level. This is a key pivot for the market and bulls need to keep price back above this level to keep the focus on a continued push higher and a fresh challenge of the $100k mark.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.