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Bitcoin experienced a rise to $99,500 today, reaching its peak in several months as market sentiment turned positive following the announcement of SEC Chair Gary Gensler’s resignation.
Gensler, recognized for his critical viewpoint on cryptocurrencies, announced he would resign on January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.
His time in office was characterized by regulatory measures aimed at the crypto industry, earning him a reputation as one of the sector’s most outspoken critics.
It would be poetic for bitcoin to hit $100,000 over the weekend while Wall Street can’t participate because their stock exchanges are closed.
— Anthony Pompliano
(@APompliano) November 23, 2024
Notable crypto investor Anthony Pompliano emphasized the importance of Bitcoin potentially surpassing the $100,000 mark over the weekend, stating on X, “It would be poetic for Bitcoin to hit $100,000 while Wall Street is closed.”
Significance of Gensler’s Resignation for Crypto
1. A Shift in U.S. Crypto Regulation
Gensler’s stringent regulatory stance, which he frequently referred to as a crackdown on the “wild west” of crypto, led to numerous lawsuits and enforcement actions against major exchanges. During his leadership, the SEC aimed to broaden its jurisdiction but encountered considerable legal setbacks, including a Texas federal court ruling that overturned new regulations for the $27 trillion Treasury market.
President-elect Trump’s supportive position on crypto has sparked optimism for a more favorable regulatory landscape. Industry figures, including Ripple CEO Brad Garlinghouse, have voiced hope for the future of crypto innovation under a Trump administration.
2. Market Response to Regulatory Optimism
The news of Gensler’s resignation has coincided with a significant rally among major cryptocurrencies:
- Bitcoin (BTC): Increased 60% this week, trading close to $98,884 with strong resistance at $99,855.
- Ether (ETH): Gained over 7% in 24 hours, sustaining its momentum above $5,000.
- Dogecoin (DOGE): Rose 2%, reflecting overall market enthusiasm.
Market participants are closely monitoring Trump’s selection for the next SEC Chair, as crypto firms advocate for legislation that favors clearer and more supportive frameworks.
Daily Technical Overview: Bitcoin (BTC) – November 23, 2024
Bitcoin is presently trading at $98,885, with a 24-hour trading volume of approximately $72 billion. The cryptocurrency has decreased by 0.22% over the past day, maintaining its status as the leading asset with a live market cap of around $1.96 trillion.
The circulating supply is at 19,786,181 BTC, with a maximum supply of 21,000,000 BTC.
#Bitcoin Technical Overview – Nov 23, 2024
Price: $98,885 | 24H Volume: $72B
Market Cap: $1.96T | Circulating Supply: 19.79M BTC
Support Levels: $97,870, $96,652, $95,669
Resistance Levels: $99,855, $101,042, $102,382
RSI: 67 – Overbought Will BTC break $100K pic.twitter.com/T4OKHB87sw
— Arslan Ali (@forex_arslan) November 23, 2024
#Bitcoin Technical Overview – Nov 23, 2024 
Price: $98,885 | 24H Volume: $72B
Support Levels: $97,870, $96,652, $95,669
RSI: 67 – Overbought Will BTC break $100K pic.twitter.com/T4OKHB87sw
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Technical Analysis: On the 4-hour chart, Bitcoin is consolidating near the crucial psychological level of $100,000 following a notable rally. The Fibonacci retracement levels provide essential insights, with immediate support identified at the $97,870 level, corresponding to the 23.6% retracement level.
Stronger support levels are at $96,652 and $95,669, aligning with the 38.2% and 50% Fibonacci levels, respectively.
On the resistance front, Bitcoin encounters challenges at $99,855, the local high, followed by significant barriers at $101,042 and $102,382, levels last tested during the 2021 bull market. The Relative Strength Index (RSI) is currently at 67, indicating overbought conditions, although momentum remains robust.
Key Insights:
- Bitcoin faces immediate resistance at $99,855, with subsequent targets at $101,042 and $102,382.
- Support levels to monitor include $97,870, $96,652, and $95,669.
- RSI at 67 suggests overbought territory, while the 50-day EMA at $93,451 serves as strong support.
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Don’t Miss Out: Pepe Unchained ($PEPU) Presale Nears Its End
Pepe Unchained ($PEPU) is gaining traction in the crypto market, with its presale raising over $40 million and providing investors a unique chance to secure tokens before major exchange listings.
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With only 20 days left, now is the time to act and take advantage of the following key benefits:
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The post Could Bitcoin Reach $100k This Weekend? Anthony Pompliano Says It Would Be ‘Poetic’ appeared first on Cryptonews.
