Breaking: Bitcoin Soars Past $100K as Trump Nominates Pro-Crypto Atkin as Next SEC Chair
By Reporter
Bitcoin broke above the $100K milestone on Thursday after its normal correction.
The BTC rally was fueled by Trump’s announcement on Wednesday that Paul Atkins would replace Gary Gensler as SEC Chair.
BTC enters a price discovery mode with a technical outlook suggesting a target of $113,000.
Bitcoin’s (BTC) price breaks its all-time high (ATH) of $99,588, surpassing its $100K milestone on Thursday after recovering from its recent pullback since last week.
On Wednesday, announcing that Paul Atkins would replace Gary Gensler as Securities & Exchange Commission (SEC) Chair added fuel to BTC’s rally. BTC has entered price discovery mode, with analysts eyeing a target of $113,000.
President-elect Donald Trump confirmed on Wednesday that he has nominated Patomak Global Partners CEO Paul Atkins as the next Chairman of the Securities & Exchange Commission (SEC).
This announcement positively impacted the crypto market, as Atkins is considered pro-crypto. Bitcoin’s price increased 2.8% on Wednesday, and the rally continued, surpassing the $100K milestone on Thursday.
Bitcoin breaks above the six-figure mark
Bitcoin price breaks above its ATH level of $99,588, surpassing its $100K milestone on Thursday after recovering from its recent pullback since last week. At the time of writing, it trades higher above $103,000.
If BTC continues its upward trend, it could extend the rally to retest its 141.40% Fibonacci extension level drawn from the November 4 low of $66,835 to the November 22 high of $99,588 at $113,147.
A successful close above this level could extend an additional rally to retest its psychologically important $125K level.
The Relative Strength Index (RSI) on the daily chart reads 72, trading above its overbought level of 70.
Traders should be cautious when adding to their long positions because the chances of a price pullback are increasing. Still, the RSI is still pointing upwards, so there is the possibility that the rally continues and the indicator remains above the overbought level.
If BTC continues to decline, it could extend the correction to retest its $90,000 support level.
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