Bitcoin Smashes Through $97,000 As Trump Team Signals At First-Ever White House Crypto Role

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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 21, 2024

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Bitcoin (BTC) surged to a new all-time high of $97,000, gaining nearly 30% over the past two weeks. The rally reflects growing optimism around Donald Trump’s pro-crypto policies, including his plan to create a “crypto czar” role in the White House.

This position aims to streamline cryptocurrency regulations, positioning the U.S. as a leader in digital asset innovation. Trump’s victory in the U.S. elections and the Federal Reserve’s rate cuts have revived investor risk appetite.

In addition, Bitcoin’s momentum is bolstered by BlackRock’s Bitcoin ETF, with strong trading volumes signaling increasing institutional interest. With Bitcoin’s market cap now at $1.86 trillion and global crypto market capitalization at $3.19 trillion, analysts forecast Bitcoin could reach $100,000 by the end of November.

Trump’s “Crypto Czar” Plan Explained

Donald Trump’s proposal for a “crypto czar” focuses on creating a streamlined framework for cryptocurrency policies.

This position would coordinate with Congress, the SEC, and federal agencies to simplify regulations and promote blockchain innovation.

Potential candidates include Brian Brooks, a former Coinbase executive known for his crypto-friendly stance.

Trump has pledged to remove SEC Chair Gary Gensler and appoint leadership more supportive of digital assets. The goal is to foster innovation, making the U.S. a global hub for blockchain technology.

The crypto industry has responded positively to these developments, viewing them as steps toward a friendlier regulatory environment that could accelerate adoption.

Bitcoin Ascending Triangle Breakout; What’s Next?

Bitcoin has broken out of an ascending triangle pattern, confirming a bullish move above $93,400. This breakout pushed BTC/USD toward $98,400, where resistance is slowing momentum.

The RSI at 68.79 indicates overbought conditions, suggesting limited immediate upside. A break above $98,400 could target $100,000, but consolidation near this level is likely.

On the downside, support sits at $96,350, with $94,850 providing additional safety if the price dips. The 50-period EMA at $93,327 aligns with the breakout zone, strengthening its importance as a support level.

These levels are crucial for traders as Bitcoin’s short-term direction hinges on a breakout above resistance or a pullback.

Key Points:

• Resistance: $98,400; next target: $100,000.
• Immediate support: $96,350; secondary support: $94,850.
• RSI signals overbought conditions at 68.

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