Bitcoin Struggles Post-Trump Disappointment – What Next?
U.S. President Donald J. Trump ended his first day in office without issuing any cryptocurrency-related executive orders or mentioning it at the Bitcoin 2024 conference in Nashville. Teased at the highly touted Bitcoin strategic reserve, the move defied high expectations. Bitcoin price, Soared to nearly $110,000 In hopes of a landmark announcement, there was a quick retreat once it became clear that the inaugural address would not explicitly acknowledge digital assets.
What’s next for Bitcoin price?
Now, with Bitcoin hovering in what analysts call no man’s land, markets are looking to see if there are any signs from the White House that Trump’s earlier pro-Bitcoin rhetoric might translate into action. Cryptocurrency Analyst CRG (@MacroCRG) encapsulated Disquiet on X claims that “cryptocurrencies feel a little directionless” that could change quickly if Trump only mentions Bitcoin.
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CRG argued, “But in my opinion, as long as Trump mentioned it 1 time, it would have been sent. Trump’s Team purchased 9 figs cryptocurrency Today, it won’t be long before they start releasing opium. “
Some observers believe that Bitcoin’s overall technical indicators remain favorable. Matrixport researcher Markus Thielen commented On the
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Thielen said that Trump’s inauguration served as a catalyst for Bitcoin to break out of the wedge, but whether this breakout can be sustained depends on Bitcoin’s ability to maintain support near the upper boundary. “Bitcoin is now retesting the breakout level, which corresponds to the upper boundary of the wedge. If Bitcoin holds this key support level, the short-term outlook remains highly bullish, with a breakout signaling renewed upward momentum,” Thielen wrote.
Prominent analyst Rekt Capital (@rektcapital) noted on X that Bitcoin successfully retested key levels, specifically $101,000. Despite the market’s harsh rejection of its range highs, Rekt Capital highlights that the retest of the “red diagonal” and “black range lows” is a strong signal that BTC may be in the $101,000 to $106,000 range Consolidating within, then likely moving higher again.
Meanwhile, trader Crypto Chase (@Crypto_Chase) hinted that they are willing to go long if Bitcoin falls to around $99,500. “If there’s 99.5K~, I’m willing to take it,” he noted. I think Gray Box needs to keep local bullish sentiment going, and a sweep of all Trump’s guidance/news PA makes sense. I’m also willing to accept a sweep of the lows of 97K, but that’s only as high as it should go. Any time over 96-97K and my plans/readings will likely be cancelled. Inval low 90s, target new ATH. 3R~Trade. “
Despite Wednesday’s disappointment, many believe the president’s pro-Bitcoin stance remains intact. David Bailey, CEO of BTC Inc. and Trump’s move to more Bitcoin and Cryptocurrency friendly stancebrought to X today, reveal: “It was confirmed tonight that our EO is among the top 200. I don’t know what went into it, but the good news is coming.” Bailey also said that this includes “executives related to Bitcoin or cryptocurrencies. order,” raising the possibility of a sudden policy bombshell.
If such an order materializes, the market could quickly move back into bullish territory. For now, however, traders and investors remain in a state of uncertainty, awaiting an elusive official statement or executive order from the White House that could reignite Bitcoin’s momentum.
At press time, BTC was trading at $103,182.
Featured image created using DALL.E, chart from TradingView.com
