Bitcoin Price Prediction: BTC Breaks $100K After Trump Nominates Paul Atkins As New SEC Chair, But Experts Say Consider This PEPE Derivative...

Bitcoin Price Surges to New Highs

The price of Bitcoin surged 7.5% in the past 24 hours, reaching $102,507 as of 11:03 p.m. EST, with trading volume jumping 49% to $130 billion.

Bitcoin broke its previous all-time high of $99,588 and surpassed the $100,000 milestone. It recorded a new all-time high of $103,679, recovering from its recent pullback since last week.

Trump Nominates Pro-Crypto Candidate for SEC

President-elect Donald Trump nominated Patomak Global Partners CEO Paul Atkins as the next Chairman of the Securities and Exchange Commission (SEC). Atkins is widely regarded as pro-crypto, and his nomination sent a positive signal to the crypto market.

Bitcoin Price Technical Analysis

The Bitcoin price analysis on a 4-hour timeframe shows strong bullish momentum over recent weeks, followed by consolidation near the psychological resistance level of $96,000.

The price is currently trading at $102,507, indicating a continued uptrend since early October. The 50-day Simple Moving Average (SMA) is at $95,912.68, providing short-term support, while the 200-day SMA is at $87,825.47, reflecting a strongly bullish trend.

The Relative Strength Index (RSI) is at 73.93, suggesting that the asset is overbought. While this indicates strong buying pressure, it also suggests a potential pullback or consolidation in the short term.

The Moving Average Convergence Divergence (MACD) line is at 660.79, above the signal line at 571.26, indicating continuing bullish momentum. However, the histogram is narrowing, suggesting that the momentum is slightly weakening, which could lead to consolidation.

Bitcoin Price Prediction

The strong bullish momentum, indicated by the SMAs and MACD, suggests that Bitcoin's price is likely to continue breaking out above the consolidation zone. Continued buying pressure could drive the price up towards the $113,000 resistance level.

However, the overbought RSI suggests a short-term pullback or sideways movement is possible before any further upward move. The lower boundary of the consolidation zone, around $93,000, acts as the next support zone in case of a price decline.