Bitcoin Price Analysis: BTC Soars Past $105,000 After Trump Signs Crypto Executive Order

Bitcoin (BTC) surged to reclaim the $105,000 level after Donald Trump signed a highly anticipated executive order on crypto. 

The executive order called “Strengthening American Leadership in Digital Finance Technology,” directs the settling up of a crypto working group tasked with creating a federal regulatory framework dealing with the issuance and operation of crypto. BTC is up over 3% in the past 24 hours, as it raced to a high of $106,913 on Thursday before settling at its current level of $105,270. 

Bitcoin (BTC) Soars Following Key Developments 

Bitcoin (BTC) surged past $106,000 on Thursday as it raced to an intraday high of $106,913 following crucial developments in US crypto policy and speculation surrounding plans for a national Bitcoin reserve. BTC saw considerable volatility on Thursday, rising to an intraday high of $106,913 and dropping to a low of $101,290 before settling at $104,004. The executive order added a further boost to price, setting up a task force to create a regulatory framework for crypto. It also mentions a national crypto reserve, calling for the task force to evaluate the potential creation and maintenance of a national digital asset stockpile. It also proposes the criteria for creating such a stockpile. 

Later, Senator Cynthia Lummis, a known Bitcoin advocate, announced she had been appointed the Chair of the Senate Banking Subcommittee on Digital Assets and she had accepted the position. 

“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets that strengthens the U.S. dollar with a strategic bitcoin reserve. I am humbled my colleagues have placed their trust in me to chair this historic subcommittee, and I look forward to shepherding bipartisan legislation to President Trump’s desk this year that secures our financial future.”

Reports have also emerged that President Trump was set to hold a call with Nayib Bukele, the president of El Salvador. The potential call fueled speculation about US crypto policy. 

BlackRock’s IBIT Acquires 11,000 BTC

Spot Bitcoin ETFs have continued to record strong inflows this week following Donald Trump’s inauguration and other economic developments. BlackRock’s iShares Bitcoin Trust (IBIT) bought an additional 1,478 BTC worth $155 million, taking its weekly purchases to 11,000 BTC. IBIT also registered the largest-ever daily trading volume on Thursday, recording a staggering $6.8 billion. The surge in buying activity indicates growing institutional interest in BTC. Thanks to these inflows, BlackRock’s IBIT ETF’s net inflows have surged past $40 billion. 

Thanks to the growing demand for ETFs, asset managers are creating more innovative products for traders. Earlier this week, Calamos Investments announced the launch of the  Protected Bitcoin ETF, guaranteeing 100% money back if BTC fell over 50%. However, it also limits potential gains to 11.5%. The surge in spot Bitcoin ETF interest was highlighted by ETF Store president Nate Geraci, who stated, 

“While everything else is going on, spot bitcoin ETFs have quietly taken in $3.7bil over past 6 days. *$3.7bil* That’s a ridiculous number.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has gained nearly 4% over the past 24 hours and is trading around $105,360. However, BTC is range-bound, oscillating between $100,000 and $106,000, and faces significant resistance at higher levels. If BTC can cross this resistance, analysts expect it to cross its all-time high and set a new ATH above $110,000. According to an analysis by Rekt Capital, 

“Bitcoin has once again successfully retested the Range Low of $101k (black), this time forming a Higher Low in the downside wicks BTC has since bounced right back up to the Range High (red) and is once again in contention for a potential Daily Close above the resistance.”

Looking at the price chart, BTC experienced significant volatility since the weekend after reclaiming $100,000, surging to an intraday high of $105,761 before settling at $103,732. However, markets turned bearish over the weekend, and BTC fell to an intraday low of $101,591 before settling at $103,579, registering a marginal decline. Buyers attempted a recovery on Sunday as BTC rose to $106,552. However, buyers lost momentum after reaching this level, and BTC dropped over 2% to $101,434.

Source: TradingView

BTC surged to a new all-time high on Monday, reaching $109,312. However, volatility hit the market, and the price dropped to an intraday low of $99,516 before reclaiming $100,000 and settling at $102,408. Buyers retained control on Tuesday, pushing BTC up 3.56% to $106,054. Sentiment changed on Wednesday as BTC dropped 2.21% to $103,715. Volatility returned on Thursday as BTC rose to an intraday high of $106,913 and fell to an intraday low of $101,290 before registering a marginal increase and settling at $104,004. The current session sees the price up just over 1% as buyers set their sights on $110,000.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.