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We’re now 24 hours on from the signing of the first pro-crypto executive order, and despite some initial volatility, Bitcoin remains in consolidation. Similar to its previous range between $90k and $100k, Bitcoin is now exhibiting comparable price action between $100k and its all-time high of $109.9k.
The inauguration of President Trump, coupled with the highly anticipated crypto executive order, served as the necessary catalyst to propel Bitcoin beyond its prior consolidation zone and reclaim the $100k level. However, the hype and anticipation surrounding the event ultimately outpaced the reality. Many had expected Trump to explicitly reference crypto in his speech or announce a strategic Bitcoin Reserve shortly after taking office. Neither materialised, resulting in some short-term sell-offs. That said, his executive order and the establishment of a dedicated crypto task force within the SEC have laid the groundwork for a crypto-friendly administration, potentially prolonging this bull market.
The current consolidation range of $100k to $109k is likely to persist until the next catalyst emerges to drive price action. Fortunately, we won’t have to wait long—Thursday morning brings the first FOMC interest rate decision of the year. With a 99.5% probability of rates being held steady, the decision itself is almost a foregone conclusion. Instead, all eyes will be on Federal Reserve Chair Jerome Powell’s post-meeting press conference. Should Powell maintain his hawkish tone from December’s presser, Bitcoin could test the lower end of the range and potentially dip below $100k. Conversely, any hint of dovish sentiment would likely propel Bitcoin to fresh all-time highs.
Stormrake Spotlight: Trump (TRUMP) ($29.16)
Stormrake Spotlight: Trump (TRUMP) ($29.16)
Trump (TRUMP) has dropped 14%, slipping below $30, and is currently ranked as the 32nd largest cryptocurrency. This marks the end of the current iteration of the Stormrake Spotlight as you know it—stay tuned next week for a fresh, enhanced format!
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin is hovering just above the critical $104k level, which coincides with a major CPR pivot and the 55 EMA. Holding this level is essential for maintaining bullish momentum and favouring a move to the upper range of $109k. Should Bitcoin lose $104k, a retest of $100k appears likely.
BTC Total ETF Flows for 24 Jan: $ + 175.9 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum is retreating towards the lower end of its range after failing to break through the key CPR level at $3,440. Should momentum continue to favour the bears, a retest of $3,207 appears imminent.
ETH Total ETF Flows for 24 Jan: $ + 7.2 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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