Bitcoin Soars to $81K, Targets Six-Figure Price Before Year Ends
Summary: On Monday, Bitcoin's price approached the $82,000 level, and with the current trend, it may soon reach $100,000.
On Monday, the price of Bitcoin hit a record high of $81,888, fueled by ongoing momentum from the Trump era. As a result, the total market value of cryptocurrencies climbed to $2.75 trillion, based on information from the data analytics platform CoinMarketCap. At the time of this writing, Bitcoin had increased by 0.6% on the daily chart, trading at $80,885, with important momentum indicators suggesting there could be more gains ahead.
Unlike earlier this year when meme coins grabbed all the attention with their price surges, Bitcoin is now leading the current rally. This has created a solid momentum for the entire cryptocurrency market, instilling confidence among investors that we could see prices reach $100,000 by the end of the year. This positive outlook is also evident in the ETF market, suggesting that the upward trend could persist. As reported by Coinglass, net inflows into ETFs reached a remarkable daily high of $1.36 billion on Sunday.
The Trump administration is likely to make significant adjustments to the Securities and Exchange Commission (SEC), the agency responsible for overseeing markets. Trump has indicated that he intends to ensure SEC chair Gary Gensler steps down from his role, which many cryptocurrency investors view positively. Gensler has faced criticism for his strict approach towards cryptocurrencies, and his departure could represent a pivotal change for the industry.
The price of Bitcoin has taken a turn at 81,025, and if it remains above this mark, the upward trend will continue. As long as buyers are in charge, the BTCUSD pair may rise further and face initial resistance at 81,315. Yet, if the momentum is strong enough, it could surpass this resistance and aim for a level of 81,684.
Conversely, if the price drops below 81,025, it will give more power to the sellers. In this scenario, the initial support level might be around 80,652. However, if the downward trend continues, the price could fall beneath this level, disrupting any potential for an upward movement. At the same time, further declines could push the price down to test 80,430.
