Bitcoin Surges As Trump Names Scott Bessent Treasury Secretary

The Bitcoin price has edged up 0.2% in the last 24 hours to trade at $98,568 as of 9:30 p.m. EST on a 26% drop in trading volume to $89 billion.

This modest increase comes after US President-elect Donald Trump nominated hedge fund manager and cryptocurrency advocate Scott Bessent as Treasury Secretary.

🚨BREAKING: President Trump has announced that the CEO and Founder of Key Square Capital Management, Scott Bessent is the Treasury Secretary.

Congratulations!!! pic.twitter.com/aSB8fyNVFd

— AJ Huber (@Huberton) November 23, 2024

If approved by the Senate, Bessent, a vocal supporter of the digital currency ecosystem, will have his signature on US dollar bills.

Bitcoin Price Nears $100K Milestone – Can The Bulls Sustain The Momentum?

The Bitcoin (BTC/USDT) pair shows a strong bullish trend. According to data from GeckoTerminal, an inverted head-and-shoulders pattern formed between July and September, signaling a reversal from bearish to bullish momentum. This pattern was confirmed in early October when Bitcoin broke above the neckline, leading to a sustained upward trend.

The moving averages further support the bullish case. A golden cross occurred in late October as the 50-day SMA (green) crossed above the 200-day SMA (blue). Both moving averages are trending upwards, reflecting strong buying momentum.

BTCUSDT Analysis Source: Tradingview

The BTC price currently holds well above the major support level at $74,360, previously a resistance level before being flipped. This level now acts as a key base for continued upward movement.

The Relative Strength Index (RSI) is currently at 80.61, indicating overbought conditions. While this reflects strong bullish momentum, it also suggests the possibility of a short-term pullback or consolidation before further gains.

The ongoing rally has pushed Bitcoin near its target price of $98,000, derived from the inverted head-and-shoulders pattern. A parabolic trajectory could drive the Bitcoin price to its psychological $100,000 level within reach.

Despite the bullish outlook, caution is warranted. Overbought RSI levels often lead to corrections, and a drop below $74,360 could indicate weakening momentum. The 200-day SMA, near $65,725, would be the next critical support in such a scenario.

Crypto All-Stars Presale Crashes Past $5.3 Million, Launches Soon

As Bitcoin edges closer to the $100k mark, investors are turning their attention to a promising new token called Crypto All-Stars (STARS), which has already surpassed $5.3 million in its presale.

ClayBro, a popular crypto YouTuber with over 130K subscribers, says STARS could soar 10X after launch.

The project is garnering attention for its groundbreaking nature due to its MemeVault protocol, which allows investors to stake multiple meme coins on a single platform for the first time while earning rewards in STARS tokens.

Once it launches, investors will be able to stake Dogecoin, Shiba Inu, PepeCoin, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk on the platform. The team also has plans to add more meme coin titans in the weeks ahead.

Crypto All-Stars plans to integrate with big names like $Pepe, #Dogecoin, and #ShibaInu . 🔗

This cross-pollination could skyrocket the platform’s visibility and adoption!

— web3telepath (@web3telepath) August 15, 2024

Additionally, STARS offers an attractive passive income opportunity through its native staking mechanism, boasting an impressive 361% annual percentage yield (APY) for staked STARS tokens.

Currently priced at $0.0016061, STARS offers a limited-time opportunity to invest before its official launch in less than 27 days.

Interested investors can purchase tokens directly through the project’s official website using BNB, USDT, or a bank card.

Purchase STARS here.

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