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The Bitcoin price has jumped 2% in the last 24 hours to trade at $105,092 as of 7:30 a.m. EST on a 30% slump in trading volume to $73 billion.
The price surge in BTC comes as anticipation grows around President Donald Trump’s plan to establish a Strategic Bitcoin Reserve in the US. At the World Economic Forum in Davos on Jan. 21, Coinbase CEO Brian Armstrong says that Trump’s enthusiasm for a strategic Bitcoin reserve underlines his ambition to make the US the “crypto capital of the planet.”
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Coinbase CEO Brian Armstrong has stated that President Trump is enthusiastic about establishing a Strategic Bitcoin Reserve. Armstrong remarked, "I think he is excited about it. He really wants to be the first Bitcoin President." 🇺🇸#Xrp #Ripple #Xrparmy #Eth #Btc #Sol… pic.twitter.com/d71YgkEeXp
— Jestin Jibber © (@JestinJibber) January 22, 2025
Armstrong shared that their pre- and post-election discussions focused on the potential of the crypto industry. He compared Bitcoin to traditional reserves like gold and oil, calling it the next logical step for the US economy.
Bitcoin Price Could Continue Its Uptrend
The BTC/USDT pair on the 1-day timeframe highlights a strong bullish trend. Currently, Bitcoin is trading at $105,092. The price is approaching a critical resistance level of around $110,000, as marked by the red dashed line. Key support levels are identified at $101,036 and a secondary level below $96,500. These levels serve as safety zones in case of a bearish correction.
The chart reveals a well-defined ascending trendline, suggesting consistent upward momentum since late 2024. Historically, a falling wedge pattern in August acted as a reversal indicator, leading to the ongoing bullish rally. The current target price is around $110,000, indicated by a green arrow, signalling a potential breakout in the coming days.
BTCUSDT Analysis Source: Tradingview
Moving Averages (MAs) also support the bullish narrative. A significant bullish crossover occurred in October, marking the beginning of the upward trend. These MAs now act as dynamic support levels, further stabilizing the price action.
Additionally, the Relative Strength Index (RSI) is at 61.87, signalling strong bullish momentum while staying below the overbought threshold of 70. This suggests that there is room for further upside movement.
The LuxAlgo indicator has generated multiple buy signals (marked “B”) throughout the trend, reaffirming the bullish sentiment. Trendline breaks above key resistance levels suggest strong market confidence. However, if the price fails to break above $110,000 and instead drops below $101,036, there could be a pullback toward $96,500.
Bitcoin’s price action appears poised for further growth if it can surpass the $110,000 resistance. A successful breakout could see the price rally toward $115,000 or even $120,000. Conversely, a failure to maintain current support levels might lead to a bearish correction.
Best Wallet Presale Nears $8 Million-Best Crypto To Buy Now?
As the Bitcoin price regains its bullish momentum, investors are also pumping funds into the Best Wallet (BEST) presale, pushing the project’s early-stage raise past $7.8 million.
Best Wallet is an all-in-one platform designed to help users navigate the Web3 world. It combines features like a decentralized exchange (DEX), wallet management, and tools to make handling crypto assets simpler and more efficient.
Built for simplicity, powered by innovation.
Best Wallet is your all-in-one solution for managing, trading, and tracking crypto. Unlock exclusive access to powerful tools and ALPHA on the hottest new projects! 🔥
Download Now 📲 https://t.co/he5kzra7TY pic.twitter.com/tk0loLzzId
— Best Wallet (@BestWalletHQ) January 20, 2025
What sets it apart is the “Upcoming Tokens” section, where users can spot promising tokens before they launch. The wallet has already proven itself by identifying tokens like Pepe Unchained (PEPU) that has delivered massive returns for early investors.
Right now, one of the hottest picks in the “Upcoming Tokens” section is Solaxy (SOLX). It’s a new Solana-based meme coin and the first layer-2 solution on the Solana network, which has already raised over $13.2 million in its presale.
In addition, BEST token holders can now stake their tokens for an impressive annual return of 231%.
An analyst from the popular YouTube channel 99Bitcoins, with over 719k subscribers, called BEST a potential game-changer.
Users can also participate in the Best Wallet airdrop by completing simple tasks to earn BEST tokens and boost their rewards daily.
To join the presale, you can buy BEST tokens for $0.0237 each.
Buy BEST tokens here before a scheduled presale price hike in 37 hours.
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