Bitcoin (BTC) Price Targets Focus on Sub-$100K as Inauguration Day Disappoints Bulls

Bitcoin tested the $100,000 support on Jan. 21 as the dust settled on US President Donald Trump's inauguration.

Bitcoin (BTC) sellers remained active at the six-figure level on Jan. 21 as US President Donald Trump’s inauguration failed to deliver any direct mentions of Bitcoin, crypto or a US strategic reserve.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

After briefly testing the $100,000 support on Inauguration Day, BTC/USD recovered to trade around $102,000 at the time of writing.

While Trump’s speech covered a wide range of topics, from the COVID-19 pandemic to the Black Lives Matter movement, there was no mention of Bitcoin or cryptocurrency.

This left some traders disappointed, as they had hoped for at least a passing reference to the digital asset, which has seen a surge in interest from mainstream investors over the past year.

However, other traders were not surprised by the lack of attention given to Bitcoin, arguing that it was not a significant issue for the outgoing president.

“Trump didn’t mention Bitcoin in his speech. I guess that’s to be expected from someone who’s never cared about crypto,” said trader and analyst TechDev.

BTC price targets focus on sub-$100,000After hitting all-time highs of $103,700 on Jan. 20, BTC’s price targets shifted lower, with some traders now eyeing a return to the mid-$90,000 range.

Data from Cointelegraph Markets Pro showed traders anticipating a move toward the unswept demand liquidity at $99.5K, which could offer support to BTC’s price.

“I’d take a long from 99.5K~ if offered. I think gray box needs to hold for local bullishness and sweeping all the Trump leadup / news PA makes sense,” trader Crypto Chase told his followers on Telegram.

Afterward, traders also pointed to the December price range, which still appeared to be controlling BTC’s price action with lows around $90,000 and highs at $108,000.

“Decembers High & Decembers Low defines the key range for me. Acceptance out of either side most likely resolves in a trend,” trader XO stated.

Bitcoin “Choppiness Index” points to breakoutTrader and analyst Matthew Hyland highlighted the importance of BTC’s 10-day simple moving average (SMA), which stood at $99,969 at the time.

“BTC quite the daily candle here. Tapped the 10 SMA then went to new all time highs and then back below resistance but still above the 10 SMA,” Hyland said in a brief update for his Telegram followers.

Meanwhile, James Check, the creator of onchain data resource Checkonchain, predicted that a new price trend for BTC was emerging, which could be signaled by the Choppiness Index.

This volatility tool showed signs of completing a cycle, which usually precedes a new trend in the market.

“The Bitcoin Choppiness Index is fully gassed, and ready to trend,” Check announced on Inauguration Day.

This article does not contain investment advice or recommendations. Every investment and trading move carries risks, and readers should do their own research when making a decision.