For the first time, Bitcoin surpasses the $93,000 mark

BTCUSD

Bitcoin is moving in an upward trend in the medium term, and prices are likely to break through the resistance level of $93,480. This scenario would be invalidated if the support level of $88,150 is breached.

Bitcoin is trading just below its all-time high reached earlier this week at $93,919, as market sentiment toward cryptocurrencies remained positive amid expectations of more favorable U.S. regulations. Over the past two weeks, Bitcoin has surged, with a significant boost coming from Donald Trump’s victory in the 2024 presidential election. Trump has pledged to introduce crypto-friendly regulations, raising hopes that such policies could attract more institutional investments into the market. Bitcoin exchange-traded funds have seen substantial inflows since Trump’s win, reflecting growing investor confidence.

However, attention is now on the specifics of Trump’s crypto policies, as he is set to take office in about two months. Investors are eager to see whether the president-elect will follow through on his promises and whether his administration can ease regulatory concerns that have weighed on the crypto market in the past. Some market participants are hopeful that Trump’s regulatory approach will bring clarity and stability to the sector, potentially paving the way for greater media and investor adoption of digital assets.

In addition to political developments, figures like Howard Lutnick, CEO of Cantor Fitzgerald and a prominent figure in finance, could play a significant role in shaping the future of the cryptocurrency market. Lutnick’s expertise in financial markets and institutional investment could lead to new strategies and approaches for integrating crypto assets into traditional investment portfolios. His involvement with major trading platforms and the financial sector could foster greater institutional adoption of digital assets, potentially increasing liquidity and bringing more mainstream acceptance to the crypto world.

Despite Bitcoin’s resilience, the broader cryptocurrency market saw a pullback on Wednesday, as increased tensions between Russia and Ukraine reduced risk sentiment. The situation escalated as Moscow lowered its threshold for nuclear retaliation, initiating fears of a broader geopolitical conflict. This has led to caution among investors, impacting risk-on assets like cryptocurrencies. While Bitcoin continues to show strength, uncertainty in global politics and economic conditions could influence its short-term trend potential, along with the broader market outlook for digital assets.

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