Bitcoin Hits $94,500 All-Time High on Breakout as SEC Marks Crypto a 2025 Priority

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

November 20, 2024

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Bitcoin (BTC) surged to an all-time high of $94,500, driven by institutional interest and regulatory developments. BlackRock’s Bitcoin ETF debut, with a record $1.9 billion in trading volume, highlighted growing institutional demand.

The SEC’s focus on cryptocurrency regulation for 2025 further boosted confidence, signaling increased market stability.

MicroStrategy’s Michael Saylor plans to pitch Microsoft on adopting Bitcoin in its treasury, emphasizing expanding institutional adoption.

Additionally, reports of Donald Trump’s social media company exploring the acquisition of crypto firm Bakkt have raised expectations of a more favorable regulatory environment, adding momentum to Bitcoin’s recent rally.

SEC’s 2025 Crypto Rules Aim for Market Stability and Bitcoin Growth

The US Securities and Exchange Commission (SEC) plans to prioritize cryptocurrency regulations in 2025. This includes overseeing the trading of digital assets like Bitcoin and Ether exchange-traded products, monitoring blockchain risks, and enhancing investor protection.

Leadership changes, such as a potential departure of SEC Chair Gary Gensler, are unlikely to alter the agency’s commitment to regulating digital currencies. Gensler has emphasized balancing investor protection with crypto market growth.

However, the SEC’s legal actions against companies like Coinbase and Ripple have drawn criticism for potentially stifling innovation. While stricter rules may cause short-term volatility, the SEC believes strong regulations are essential for market stability and transparency, which could boost long-term investor confidence.

BlackRock’s IBIT ETF Fuels Bitcoin Rally, Eyes $100,000 Target

The ETF recorded $1.9 billion in trading volume on its first day, with 354,000 contracts traded. This significantly outpaced the $363 million debut of the ProShares Bitcoin Strategy ETF, highlighting strong institutional demand.

Most trades were call options, reflecting investor optimism about further price increases. The growing popularity of IBIT options has provided traders with more tools to hedge investments and profit from Bitcoin’s movements. Experts suggest this momentum could push Bitcoin to $100,000 by the end of 2024.

While IBIT’s debut volume trails traditional ETFs like SPDR Gold Shares (GLD), upcoming launches from firms like Grayscale and Bitwise are expected to sustain this growth and further mainstream Bitcoin adoption.

Bitcoin Surges Past $94,500 After Ascending Triangle Breakout, Targets $97,500 Next

Bitcoin has broken above a critical ascending triangle pattern on the 2-hour timeframe, confirming bullish momentum. The previous double-top resistance at $93,500 has been decisively breached, positioning BTC for further upside.

Currently trading around the $94,500 mark, Bitcoin is eyeing its next potential target at $97,500. If the $97,500 level is cleared, it could pave the way for further gains, potentially marking a new all-time high.

The 50 EMA, currently at $91,398, supports bullish sentiment as it provides a dynamic floor for price action.

The RSI at 68.20 indicates strong upward momentum but is approaching overbought territory, suggesting a potential pullback before the next rally. Immediate support is found at $93,491, with deeper levels at $91,790 and $89,760.

Traders should watch for a sustained close above $97,500 to confirm extended bullish momentum, while a break below $93,491 could signal consolidation or correction.

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