Bitcoin Price Breaks $100K Psychological Level After Trump Nominates Paul Atkins as Next SEC Chair

Highlights:

• Bitcoin price breaks above the $100,000 mark today, hitting a new ATH at $104,000.
• The recent rally comes as Donald Trump nominated Paul Atkins to replace Gary Gensler as the next SEC Chair.
• If Paul Atkins obtains the seat as the SEC boss, the Bitcoin price might pump even to $120k in this bull cycle. 

The Bitcoin price has rallied, breaking above the $100,000 physiological level and hitting a new ATH at the $104,000 mark. The recent rally follows the Republican victory, signaling the end of Biden’s tough stance on crypto crackdown. Bitcoin is now up 6% as of 11:30 UTC, with the altcoin trading at $102,800. 

On December 4, Donald Trump revealed that US SEC Commissioner Paul Atkins will replace Gary Gensler as the next SEC Chair. Atkins’ pro-crypto stance has fueled a strong Bitcoin rally and boosted optimism about pro-crypto policies, which may occur soon.

BREAKING 🔥 🔥

🇺🇸Trump officially selected pro-crypto Paul Atkins to replace Gary Gensler as SEC Chair.#BTC #Crypto 🚀🚀 pic.twitter.com/qjjGDHWAik

— Wise Advice (@wiseadvicesumit) December 4, 2024

Various crypto enthusiasts have congratulated and praised Atkin for his nomination.  Ripple CEO Brad Garlinghouse and Senator Cynthia Lumis have called the nomination a big win for crypto. Meanwhile, if Paul Atkins obtains the seat as the SEC boss, the Bitcoin price might pump even to $120k in this bull cycle. 

Bitcoin Statistical Data

Based on CoinmarketCap data:

• BTC price now – $102800
• Trading volume (24h) – $126.48 billion
• Market cap – $2.03 trillion
• Total supply – 19.79 million
• Circulating supply – 19.79 million
• BTC ranking – #1

Bitcoin Price Hits ATH at $104K as Bullish Sentiment Bolsters

The ‘’King Of Cryptos’’ Bitcoin finally reached the $104,000 mark, a milestone that has captivated millions around the globe. This historic surge reflects Bitcoin’s resilience and cements its position as a pivotal player in finance. Bitcoin’s meteoric rise has elevated it to the status of the 7th largest currency in the world by market capitalization. This milestone underscores the growing adoption of Bitcoin as both a store of value and a viable financial instrument, rivaling traditional fiat currencies.

The BTC price has increased since 5 Nov, following the establishment of support at $82,340. Bulls took the reins entirely after BTC dispersed the seller congestion at $90,000. Trading above all the above moving averages, including the 200-day SMA (blue) and 50-day SMA (green), reduced the sellers’ influence, leaving Bitcoin’s price on a resistance-free uptrend. 

As expected, profit-booking activities and a market-wide sell-off at the end of November culminated in a correction to $95,600. This forced the pioneering crypto into a consolidation phase, which acted as an accumulation period, giving bulls another opportunity to regain control and rally above $100,000.

Based on the Relative Strength Index (RSI), the currently overbought conditions might culminate in a reversal. The RSI holds above 70, at 72.22. That said, it might be prudent to watch out for the RSI’s rejection from the overbought region, timing the reversal carefully to avoid the bull trap.

Bitcoin Price Forecast: Will the Bulls Maintain the Pace?

Based on the daily chart timeframe, the BTC bulls have the upper hand, quashing their seller counterparts. However, traders should be prepared for a possible pullback or consolidation phase, as overbought conditions on the RSI suggest the market may take a breather. 

In such a case, a slight retracement may cause the BTC price to chase the $98,424 support level as the bulls sweep through liquidity. Increased profit bookings will cause the altcoin to retest the $95,682 support level before a substantial leg up. On the other hand, if the bulls sweep through enough liquidity, they could trigger a rally reclaiming the $104,000 ATH or above to $105K.