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In a move that exceeded high expectations, US President Donald J. Trump ended his first day in office without issuing any crypto-related executive orders or referencing the much-touted Strategic Bitcoin Reserve he had teased at the Bitcoin 2024 conference in Nashville . Bitcoin’s price, which had soared to nearly $110,000 on hopes of a historic announcement, fell precipitously as it became clear the inauguration speech would not provide an explicit nod to digital assets.
What next for the Bitcoin price?
With BTC floating in what analysts describe as no man’s land, the market is looking to the White House for clues that Trump’s previous pro-Bitcoin rhetoric could translate into action. Crypto analyst CRG (@MacroCRG) encapsulated the uncomfortable sentiment on
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CRG argued: “but all it takes is one mention of Trump and it sends IMO. Trump’s team bought nine figs of crypto today, it won’t be long before they start blowing hopium.”
Some observers argue that Bitcoin’s overarching technical indicators remain favorable. Markus Thielen, researcher at Matrixport, commented on
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According to Thielen, Trump’s inauguration served as a catalyst for Bitcoin to break out of that wedge, but whether this breakout can sustain depends on BTC maintaining support around the upper limit. “Bitcoin is now retesting the breakout level, which corresponds to the upper limit of the wedge. If Bitcoin holds above this key support, the short-term outlook remains very bullish, with the breakout signaling renewed upside momentum,” Thielen wrote.
Renowned analyst Rekt Capital (@rektcapital) pointed out to X that Bitcoin managed to retest key levels, specifically at $101,000. While the market saw a hard rejection of its high range, Rekt Capital highlights that this retest of both the ‘red diagonal’ and the ‘black low range’ is a strong sign that BTC could consolidate in the $101,000-$106,000 corridor before the potential would march higher. again.
Meanwhile, trader Crypto Chase (@Crypto_Chase) hinted that he is willing to go long if Bitcoin falls to around $99,500. He noted, “If I got 99.5K~ it would take me a long time. I think the gray box should take into account local bullishness and that it makes sense to cut through all the Trump run-up/news PA. I’d also accept a sweep of the 97K tier, but that’s the furthest it would have to go. Any good amount of time I’ve spent past 96-97K and my plan/reading is probably not good. Raising low 90s, aiming for new ATHs. 3R~ trade.”
Despite Wednesday’s disappointment, many believe the president’s pro-Bitcoin stance remains intact. David Bailey, CEO of BTC Inc. and a key figure in Trump’s shift to a more Bitcoin and crypto-friendly position, told X today: revealing: “We received confirmation this evening that our EOs are among the first 200. I have no idea what came in, but there is good news coming.” Bailey also stated that this includes “EOs related to Bitcoin or crypto,” leaving open the possibility of a sudden policy bombshell.
Should such an order materialize, markets could quickly return to bullish territory. For now, however, traders and investors remain in limbo, awaiting that elusive official statement or executive order – from the White House that could reignite Bitcoin’s momentum.
At the time of writing, BTC was trading at $103,182.
Featured image created with DALL.E, chart from TradingView.com
