Bitcoin's price increased by 2% in the last 24 hours, reaching $104,443, following an executive order by US President Donald Trump to promote cryptocurrency advancements.
Impact of the Executive Order on the Crypto Market
US President Donald Trump signed an executive order aimed at promoting the development of cryptocurrencies. The order highlights the role of digital assets in US innovation and economic growth, as well as international leadership. This government support could bolster confidence in cryptocurrencies.
Bitcoin Price Dynamics Analysis
After a significant rally in previous weeks, Bitcoin's price showcased a period of consolidation on the 4-hour chart. The price encountered resistance around $105,592, establishing a support zone between $100,000 and $101,200. A breakout above resistance could indicate a continuation of the bullish trend.
Outlook for Bitcoin and New Projects
If Bitcoin's price breaks above $105,500, it could target $108,000 or more. Conversely, failing to hold the $100,000 support could lead the price to $97,621. Meanwhile, investors are showing interest in the MIND of Pepe ICO, which has raised over $3.4 million.
Government support could further enhance the growth of the crypto market, as investors continue to focus on initiatives like MIND of Pepe, which merge popular trends with new technologies.
