Bitcoin jumps to $105,000

With President Trump signaling support for cryptocurrency ahead of his inauguration on Monday, Bitcoin is rallying in anticipation. The price recently surged to $105,001, its highest level since December 18. On December 17, Bitcoin hit an intraday high of $108,364.

Today, Bitcoin is up nearly $5,000, or 5.0%, and has gained over 11% for the week. Earlier this week, it dropped below $90,000 to a low of $89,164, marking a remarkable 17.5% rebound from that level.

Technically, Bitcoin has broken above a key swing area between $102,760 and $103,647, now acting as close support (green numbered circles on the chart below). Holding above this range would confirm bullish momentum and set the stage for a potential retest of the all-time high at $108,364. More conservative traders may view $100,000 as a natural support level, reinforced by a recently broken top-side trendline, offering a lower-risk entry point.

This article was written by Greg Michalowski at www.forexlive.com.