Bitcoin breaks magical 100K barrier

Bitcoin eventually broke through magical 100K barrier and hit new record high at 104K zone on Thursday.

Fresh acceleration of over 6% in Asian session resulted in break above the ceiling of near term range and signal continuation of larger uptrend following short consolidation between 90K and 100K levels.

Bitcoin was the top market performer in 2024 as it more than doubled its value, with historically strongest performance seen in November, when bitcoin skyrocketed on fresh optimism over Trump’s election victory.

Markets expect Trump’s pro-crypto administration to clear regulatory clouds and open new horizons for digital asset that entered financial mainstream and rapidly gaining popularity among investors, private and institutional.

Today’s rally was sparked by Trump’s nomination of Paul Atkins, former SEC Commissioner to the place of the head of Securities and Exchange Commission, as his believes in promise of innovative capital markets that would provide strong tailwinds to cryptos.

Close above 100K level is needed to validate fresh and strong bullish signal and open way for attack at projected levels at 105416, 106741 and 10883 (Fibo 161.8%, 176.4% and 200% Fibo projections of the upleg from 90732, respectively).

Broken 100K barrier reverted to solid support and along with former record high (99807) should ideally keep the downside protected.

Res: 104032; 104345; 105416; 106741
Sup: 100792;10000; 99807; 97723