Bitcoin Revisits $100K, Potential for Breakout Driven by Trump’s Upcoming Inauguration: Van Straten

Bitcoin’s price action has been fluctuating, with recent attempts to surpass $100,000 indicating strong resistance and support levels. This price level has been crucial, with $90,000 acting as a consistent support since mid-November. Analysts are keeping an eye on leverage, particularly Bitcoin futures open interest, to gauge market sentiment, with the upcoming inauguration of President-elect Donald Trump potentially serving as a catalyst for significant price movement. The current market is showing signs of caution, with recent price action being more spot-driven than leveraged, suggesting that Bitcoin may need more time to consolidate before breaking through resistance.

This price action marks the fourth time Bitcoin has surpassed the $100,000 mark, though sustaining this level has proven challenging. The market sentiment has shifted from fear to greed, reflecting a growing optimism among traders as they anticipate a breakout, potentially influenced by political events and broader economic conditions.