Bitcoin Hits $100K, XRP Surges Past $3 Amid SEC Appeal
Bitcoin Can Challenge the ATH If 100K Becomes Support.
Bitcoin’s price surged above $100K Wednesday after recovering from a low of $89,150 that was reached just Monday the same week. It just goes to show once again how BTC can turn on a dime and reverse direction almost instantly.
From a technical point of view, Bitcoin is facing strong resistance at $100,000 – $102,000 and must effectively turn this zone into support before significant advances can be made. But given the price action seen after the All-Time High was printed, we are looking at a period of range-bound trading. As we saw, Bitcoin bounced several times at $90,000 – $90,700 support and then failed to break resistance, which is characteristic of a ranging market.
Even if the technical side says “range”, we may still get bullish action as we approach Donald Trump’s inauguration as the 47th President of the United States on January 20. According to the Washington Post, the president-elect is getting ready to sign a day-one executive order that aims to end “debanking” and excessive regulation of the crypto industry.
“Debanking” refers to the fact that some (most) banks are restricting or closing accounts of crypto companies, making it harder for them to use banking services. If the Trump administration is looking to counter overregulation and “debanking” fast, we will probably see a positive effect on Bitcoin and crypto in general.
The SEC Attacks XRP Again
In other news, Ripple’s XRP has gone above $3.0 for the first time since 2018, although the Securities and Exchange Commission (SEC) recently appealed the 2023 ruling that XRP is not a security. Back in 2020, the SEC sued Ripple for selling XRP, which they (the SEC) considered a security, and thus in breach of the securities law. However, Judge Analisa Torres ruled largely in favor of Ripple.
This new appeal initiated by the SEC is considered by Ripple representatives just “a rehash of already failed arguments” and apparently, the market agrees to this assessment. Ripple just broke its previous significant high ($2.90) and is currently trading at $3.27.
Chart Analysis – BTC/USD
Bitcoin is currently changing hands at $101,500 and has a bullish bias, in agreement with almost all coins in the Top 10. It is up more than 7.3% in the last 7 days and almost 2% in the last 24 hours.
However, for BTC to challenge the ATH, we will need to see $100K turn into support. This means that the price has to move above the level and then re-test it from above, successfully bouncing off it. A failed break of $100K and a consequent move below the 50-day MA would bring BTC/USD closer to $95K.
