Trump Bitcoin Price Rally Strengthens. Could $100K Become BTC’s Support Price?

Summary:
• Bitcoin price came traded near $98k early on Thursday, and with Donald Trump reportedly setting up a crypto policy team, $100k seems too low.

Bitcoin price hit a record high of $97,903 on Thursday, affirming its determination to hit a phenomenal six-figure price before the year ends. The crypto bellwether was up by 2.8 percent on the daily chart at the time of writing, trading at $96,863. Bitcoin is still on Trump-fuelled rally and the momentum is likely to be in play for weeks to come.

The latest price upsurge is attributed to a Bloomberg report that President-elect Donald Trump was meeting key figures in the crypto industry in an apparent plan to develop a White House policy on the industry. One of Trump’s key appointments, Commerce Secretary Cantor Fitzgerald, revealed in the past that he is exposed to Bitcoin price to the tune of hundreds of millions of dollars.

Trump stated during the campaign that he intended to push for the establishment of a strategic Federal Bitcoin reserve. Such a move could see the creation of the most significant Bitcoin use case yet, and could trigger a spike in institutional adoption of BTC.

Bitcoin oscillated between $90k and $94k territories for the better part of the last week, signaling potential resistance at the $95k mark. As I reported here earlier, a move past the $95k mark overcomes a key psychological barrier and clears the path to $100K. Furthermore, the underlying speculation surrounding Trump’s next move has generated a Fear of Missing Out (FOMO) sentiment that could see Bitcoin price converting the $100K mark into a support level.

Bitcoin price forecast

On the chart below, Bitcoin price looks set to stay on the upside above the 96,560 pivot mark. The momentum is likely to meet initial resistance at 97,200, but a stronger momentum is likely to breach that level and test 98,000.

Alternatively, the downside will prevail if the price breaks below 96,560. That will likely see the first support established at 96,045. However, a stronger bearish momentum could break below that level and invalidate the upside narrative. Also, that could extend the decline to test the second support at 95,570.