The crypto markets witnessed the most insane 24 hours in history, which has strengthened the Bitcoin price. President Donald Trump signed some executive orders, which are believed to be more bullish than anyone expected. Trump signed orders to ban the creation of CBDC and vows to make America the ‘Crypto Capital’ of the world. Besides, they are all set to create a strategic reserve for not only Bitcoin but also Ethereum & Solana.
The last time Trump gained control over the White House, the entire crypto market went crazy, with the BTC price surging by over 1900% and the ETH price roughly by 14,000%. Therefore, with the current breakout, the markets are about to experience a similar jump as the prices of most of the cryptos, including Bitcoin, are aligning for another monster run. With all these advancements, the Bitcoin price remains stuck around the $105K range, flashing huge bullish signals for the crypto.
Besides, the larger entities, like the whales, display no signs of distribution at the moment and are not accumulating either. Therefore, the upcoming weekly close could be extremely important for the Bitcoin price rally ahead.
Bitcoin has been trading within a predetermined range for more than 3 months and has escalated into a higher range. The volume has also increased notably, which is majorly in favour of the bulls. Hence, after an excessive accumulation, the BTC price tends to break out of the range, which could probably happen in the coming weekend. On the other hand, the DMI, which was close to undergoing a bearish crossover, triggered a bullish divergence. Additionally, the RSI remains incremental, hinting towards a breakout beyond $108K on the horizon.
Meanwhile, surpassing $109K and reaching $110K could not be easy for the Bitcoin (BTC) price as more than $240 million longs have been stockpiled around $106K. Breaking the zones could trigger a small pullback but the bulls now seem to be poised to push the price towards a new ATH and hence sustaining above $106.6 may pave the way for new highs.
