empty
30.01.2025 12:29 PM
Bitcoin Receives 100% Support from Trump

Bitcoin and Ethereum continue their bullish rally, gradually approaching key resistance levels. According to recent reports, Donald Trump has pledged full support for Bitcoin, vowing to surpass China and take the cryptocurrency to even greater heights.David Bailey, a crypto policy advisor for Trump's presidential campaign and the CEO of BTC Inc., recently shared details on social media about a conversation he had with Trump regarding Bitcoin. Bailey expressed gratitude to the Trump administration for its support of the crypto sector and its stance on Silk Road founder Ross Ulbricht.

This image is no longer relevant

Bailey also asked Trump if he had any message for the crypto community, to which Trump reaffirmed his support, emphasizing his commitment to advancing the crypto space and recognizing the community's innovative contributions.

"He said he's 100% with us, that we'll take Bitcoin to much greater heights and surpass China and other countries that want to take it away from us," Bailey stated.

This endorsement highlights a significant shift in Trump's stance on cryptocurrencies. Historically, Trump was skeptical of Bitcoin and other digital assets, calling them unstable and unregulated. However, during his 2024 presidential campaign, Trump embraced the crypto community, accepted campaign donations in digital assets, and even proposed creating a federal Bitcoin reserve to strengthen the nation's financial position.

Trump's sudden change in crypto policy has sparked widespread discussion among analysts and experts. Many believe this shift is motivated by the growing popularity of cryptocurrencies among voters, particularly younger demographics. Trump's pro-crypto stance may be a strategic move to attract this influential voter base amid intensifying electoral competition.

Moreover, the proposal for a federal Bitcoin reserve could have far-reaching implications for the U.S. financial system. Some economists argue that integrating cryptocurrencies into government reserves could lead to greater monetary resilience and transparency. However, such a move also raises concerns about regulation, security, and risks associated with Bitcoin's volatility.

Meanwhile, Texas Lieutenant Governor Dan Patrick recently announced plans to establish a "Texas BTC Reserve" in 2025. Additionally, the Utah House Committee passed a bill allowing the state to invest part of its funds in BTC and other cryptocurrencies, which is now set for review by the House of Representatives.

Senator Cynthia Lummis, a well-known crypto advocate, also stated that one of her first actions as Chair of the Digital Assets Committee will be to hold public hearings on a strategic Bitcoin reserve.

This image is no longer relevant

Technical Analysis of Bitcoin (BTC)

Currently, Bitcoin bulls are targeting a return to $106,000, which would open the door to $107,500, followed by $109,000. The ultimate target is $110,400, and a break above this level would confirm a resumption of the medium-term bull market.

However, in case of a pullback, buyers are expected to step in at $104,400. A drop below this area could accelerate a decline toward $102,900, with the next major support at $101,200. The most bearish scenario would see BTC test $99,500.

This image is no longer relevant

Technical Analysis of Ethereum (ETH)

Ethereum's firm breakout above $3,220 paves the way for a move toward $3,264, followed by $3,314. The ultimate target is the yearly high at $3,373, and a break above this level would signal a return to the medium-term bull trend.

However, if Ethereum pulls back, buyers are expected to step in at $3,161. A drop below this area could push ETH down to $3,106, with the final downward target at $3,056.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Crypto market overwhelmed by panic selling due to Trump' tariffs and hack at Bybit

BTC/USD: hectic sell-off hits crypto market following Trump's tariffs on Canada and Mexico The crypto market suffered a major collapse after US President Donald Trump introduced new tariffs against Canada

Jurij Tolin 13:16 2025-02-26 UTC+2

Wave analysis of BTC/USD on February 26. Bitcoin falls asleep at $96,000 and wakes up at $88,000

The wave analysis of the 4-hour BTC/USD chart is quite clear. After a long and complex a-b-c-d-e correction, which unfolded between March 14 and August 5, a new impulse wave

Chin Zhao 12:47 2025-02-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on February 26

Bitcoin has reached the $86,000 level, but this may not be the end of its movement. There was strong buying activity in Ethereum, which saw a rebound from

Miroslaw Bawulski 10:27 2025-02-26 UTC+2

Ethereum (ETH) Trading Recommendations for February 26th

Bitcoin has initiated a significant decline, which may only be the beginning of a larger bearish trend. As we have previously noted, the entire cryptocurrency market follows Bitcoin to some

Paolo Greco 05:53 2025-02-26 UTC+2

Bitcoin Trading Recommendations for February 26th

What we have been anticipating for weeks has now materialized. While many factors could have triggered Bitcoin's latest crash, analyzing them in detail won't make the situation any easier

Paolo Greco 05:49 2025-02-26 UTC+2

Bitcoin Losing Ground: Can the Market Be Saved by a Buy the Dip Strategy?

As the price falls, interest grows—this best describes the latest developments in the Bitcoin market. Despite the asset dropping to a three-month low, major players, including hedge funds and governments

Ekaterina Kiseleva 00:10 2025-02-26 UTC+2

Bitcoin and Ethereum: key factors behind their recent plunge

Bitcoin plunged by 6.5% and Ethereum lost over 7.0% in just the first half of today alone. As for Bitcoin, there had long been speculation about a break

Jakub Novak 14:09 2025-02-25 UTC+2

Cryptocurrency Market Trading Recommendations for February 25th (U.S. Session)

Bitcoin and Ethereum have experienced significant declines, with Bitcoin hitting a new yearly low and Ethereum testing the $2,300 mark after trading around $2,800 just days ago. The world's largest

Miroslaw Bawulski 13:56 2025-02-25 UTC+2

Upcoming Ethereum Network Upgrade Already in Testing

The cryptocurrency market has experienced a significant decline, closely following the U.S. stock market, which has lost considerable ground in recent trading days. Bitcoin dropped

Jakub Novak 09:17 2025-02-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on February 25

Bitcoin has fallen from the $91,000 mark, raising concerns about its potential for further growth. Meanwhile, Ethereum has dropped over 7% in just one day, returning to a downtrend after

Miroslaw Bawulski 07:27 2025-02-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.