Bitcoin Crosses $93K Mark, Reaching a New All-Time High as It Continues Its Recent Upward Trend

The surge was attributed to increased optimism around a potentially crypto-friendly regulatory stance from President-elect Donald Trump, alongside expectations of further interest rate cuts by the US Federal Reserve.

Bitcoin price hit a new all-time high on Thursday, continuing its recent upward trend amid optimism over a potentially crypto-friendly regulatory stance from President-elect Donald Trump and expectations of further interest rate cuts by the US Federal Reserve.

Bitcoin touched $93,400 at its peak, before settling around $90,000 as traders monitored its path toward the significant $100,000 level.

The cryptocurrency’s recent rally has been strong, with Bitcoin rising nearly 6% in the US market, hitting a record $93,462 before pulling back slightly to $89,974 as of Thursday morning in Singapore. As of 9:25 AM, it was trading at approximately $90,077, giving Bitcoin a market cap of $1.78 trillion.

Both technical and fundamental indicators suggest ongoing strength in Bitcoin’s market momentum. The Fear and Greed Index, a key market sentiment measure, is currently indicating “Extreme Greed,” suggesting high confidence among investors and traders.

Highlighting the bullish sentiment, Edul Patel, CEO of Mudrex, noted that options worth more than $850 million are positioned at the $100,000 level. This level of interest in options signals a strong belief in Bitcoin’s continued rally. Patel added that Bitcoin faces its next resistance at $94,200, with key support at $85,500.

"Bitcoin’s rally has resumed, hitting a new all-time high of $93,400 and now stabilising around $90,000 as it gets closer to the much-anticipated $100,000 milestone. Both technical and fundamental indicators signal continued strength in BTC, with the Fear and Greed Index reflecting 'Extreme Greed,' indicating bullish market sentiment. Additionally, over $850 million in options are positioned at the $100,000 level, showing the trader confidence in the rally. BTC faces its next resistance at $94,200 and the support remains at $85,500," Patel stated.

Bitcoin’s sharp rise has been attributed in part to Trump’s pro-crypto stance, which has sparked anticipation among cryptocurrency advocates. Trump has hinted at creating a friendlier regulatory environment for digital assets, a move that many believe could make the market more appealing and propel Bitcoin towards the highly anticipated $100,000 mark. Reports indicate that 30% to 40% of Americans now hold some form of cryptocurrency, a statistic that could see further growth if positive crypto policies are introduced.

Speculators are divided on Bitcoin’s short-term path, with some expecting continued gains while others caution about possible profit-taking following the 33% rally seen since the US election on November 5.

Another key factor that will likely influence Bitcoin’s performance is the upcoming release of the US Consumer Price Index (CPI) data. The CPI data is used to measure inflation, and a lower-than-expected figure could provide additional momentum for Bitcoin.

Commenting on the potential impact of the CPI data on Bitcoin, Avinash Shekhar, Co-founder and CEO of Pi42, said, “If the data shows inflation is falling, it could fuel Bitcoin’s journey towards $100,000 sooner, possibly by March or April next year.”