Bitcoin and crypto markets reacted with confusion following an executive order from US President Donald Trump, which proposed the potential establishment of a national digital asset stockpile. Despite this significant news, Bitcoin prices hovered around $105,000 on January 24, failing to leverage the political developments to break new highs. Senator Cynthia Lummis hailed the repeal of SEC regulations restricting bank custody of crypto, yet traders remained skeptical, with predictions of only a 21% chance of a Bitcoin reserve being created in Trump's first 100 days. Analyst Scott Melker described the market sentiment as 'utterly confused', while Bitcoin enthusiasts noted the shift towards a more favorable regulatory environment for Bitcoin under the Trump administration. Some analysts suggested that the market's muted response lacked foresight regarding the implications of these changes, with notable resistance levels acknowledged at $102,000 and $106,000 for Bitcoin as traders anticipated a potential upward trend in the near future.

Source 🔗