Bitcoin Price Analysis: $99,000 Near Key Resistance as Trump’s Pro-Crypto Nominee Fuels Optimism

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Arslan Butt

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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 24, 2024

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Bitcoin price remains a focal point as Scott Bessent, a pro-crypto hedge fund manager, is nominated by President-elect Donald Trump for Treasury Secretary.

Known for advocating cryptocurrency adoption, Bessent supports establishing a national Bitcoin reserve. His “3-3-3” economic strategy, prioritizing growth and fiscal responsibility, aligns with Trump’s vision for a stronger economy.

Bessent’s policies could influence Bitcoin sentiment and broader adoption, positioning cryptocurrency as a critical component of future financial strategies and government-backed initiatives.

Trump’s Pro-Crypto Treasury Nominee: Scott Bessent

Scott Bessent, a pro-crypto hedge fund manager, has been nominated by President-elect Donald Trump as the next Treasury Secretary, pending Senate approval. Bessent advocates for cryptocurrency adoption and supports Trump’s proposal for a national Bitcoin reserve.

He is known for his “3-3-3” plan, emphasizing oil production, deficit reduction, and 3% GDP growth. Trump hailed Bessent as a visionary, with his pro-crypto stance likely to boost Bitcoin sentiment and prices.

Key Points:

• Bessent to oversee national debt, taxes, and crypto legislation.
• His policies aim to encourage confidence in Bitcoin.

LatAm Crypto Insights: Argentina, Milei, and Bitcoin Debt

El Salvador may issue Bitcoin-backed securities, leveraging its $600M Bitcoin reserves, as proposed by Max Keiser, an advisor to President Bukele.

This strategy would avoid using public funds while increasing Bitcoin holdings.

Meanwhile, Trump met with Argentina’s President Javier Milei, who praised stronger U.S.-Argentina ties.

Argentina also leads in Worldcoin registrations, with 2.2M users, despite facing a $200,000 fine for consumer law violations.

Key Points:

• El Salvador’s Bitcoin-backed debt plan could expand reserves.
• Trump and Milei discussed boosting bilateral relations.

Bitcoin Holds Below $100K After Recent Rally

Bitcoin surged to $100K but briefly retraced to $95,776 before recovering to $98,065. Optimism grew with Trump’s pro-crypto stance and Scott Bessent’s nomination, sparking interest in Bitcoin-friendly policies.

Analysts expect short-term consolidation near $100K before a breakout.

Institutional interest is growing, with Cantor Fitzgerald exploring Bitcoin-backed lending, while discussions on a White House crypto policy further support market optimism.

Key Points:

• Bitcoin resistance at $100K; support near $95,776.
• Market sentiment driven by pro-crypto policies and institutional backing.

Bitcoin Near $99,000: Key Levels to Watch for a $100K Breakout

Bitcoin continues to edge higher, trading near $98,745 as bullish momentum pushes prices closer to key resistance levels. On the 4-hour chart, the asset is approaching the $99,520 mark, a significant Fibonacci 0% retracement level.

Immediate support lies at $97,607 (23.6% Fibonacci retracement), with further support around $96,427 and $95,467.

The RSI is trending upwards at 59, indicating moderately strong bullish momentum, though nearing overbought levels. The 50 EMA, currently around $95,223, provides a firm dynamic support zone.

Traders are watching the $99,520 resistance as a breakout above this level could open the path toward the psychological $100,000 barrier.

However, rejection at current levels may lead to consolidation or a pullback toward the $97,600-$96,400 zone. Overall, the bullish structure remains intact, supported by upward-sloping trendlines and robust volume.

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