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The Bitcoin price surged 7.5% in the last 24 hours to trade at $102,507 as of 11:03 p.m. EST on trading volume that jumped 49% to $130 billion.
The BTC price broke its all-time high of $99,588, surpassing the $100k milestone after recovering from its recent pullback since last week.
This comes as President-elect Donald Trump confirmed on Wednesday that he has nominated Patomak Global Partners CEO Paul Atkins as the next Chairman of the Securities and Exchange Commission (SEC).
The announcement boosted the crypto market, with Atkins widely regarded as pro-crypto.
These words can tell you all what u going to miss
Remember we told you ,Trump is unpredictable and this tome till his inauguration we riding the anticipation
Look he just officially selects pro crypto Pauk Atkins to replace Gary as sec chair person
Wait abd see how altcoins… pic.twitter.com/LkWyEqViEd
— VengieZim (@VengieZim) December 5, 2024
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors & that provide capital to make our economy the best in the world. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social, as he supported his decision.
Bitcoin Price On A Sustained Breakout
The Bitcoin price analysis on a 4-hour timeframe shows significant bullish momentum over the last few weeks, followed by consolidation near a key psychological resistance at $96,000.
The price is currently trading at $102,507, marking a strong progressive uptrend since early October, according to data from GeckoTerminal.
Moreover, the 50 SMA on the 4-hour chart is currently at $95,912.68, acting as short-term support, and is significantly above the 200 SMA at $87,825.47. This alignment (a “golden cross”) reflects a strong bullish trend.
Meanwhile, the Relative Strength Index (RSI) is at 73.93, indicating that the asset is in overbought territory. While this signifies strong buying pressure, it also hints at a potential pullback or consolidation in the short term.
The Moving Average Convergence Divergence (MACD) line is at 660.79, above the orange signal line at 571.26, suggesting continued bullish momentum.
However, the histogram is starting to narrow, which could indicate that the current bullish momentum is weakening slightly, leading to consolidation.
Bitcoin Price Prediction
Given the strong uptrend indicated by the SMAs and the MACD, the Bitcoin price is likely to sustain the breakout above the consolidation zone if buying pressure continues. A continued surge could drive the price of Bitcoin up as the bulls target the $113,000 resistance.
However, the overbought RSI suggests a short-term pullback or sideways movement is possible before any further upward move. The lower boundary of the consolidation zone, around $93,000, acts as the next support zone if the price tumbles.
As the Bitcoin price surges, investors are also buying up a new Pepe alternative called Wall Street Pepe (WEPE), which Cryptonews, a popular crypto channel with over 13K subscribers, says could be the next massive degen play.
Wall Street Pepe Presale Blasts Past The $633K Mark In Less Than Two Days
Wall Street Pepe (WEPE) is the meme coin created by a defiant Pepe, tired of whale groups dominating the crypto markets.
Determined to level the playing field, he’s rallying the WEPE Army, a squad of traders equipped with exclusive insights and alpha calls to help everyone trade like a champ.
Kicking off its presale just 48 hours ago, WEPE has already raised over $633K, cementing its place as one of the sharpest meme coins in the market. While Pepe soared over 130% last month, much of those gains were scooped up by whales, leaving smaller investors behind.
Who said money doesn’t grow on trees 🐸⚔️ pic.twitter.com/tRLhkEnEBu
— Wall Street Pepe (@WEPEToken) December 4, 2024
Additionally, the WEPE Token offers a passive income opportunity through its staking feature, delivering a dazzling 846% annual percentage yield (APY).
You can buy WEPE Token from the official website for $0.000202 using ETH, USDT, or a bank card.
Buy now before a price increase in about 2 days to lock in the best deal.
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