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The Bitcoin price climbed 2% in the last 24 hours to trade at $104,443 as of 02:29 a.m. EST on trading volume that surged 57% to $97.2 billion.
This comes after US President Donald Trump signed an executive order on Thursday to promote the advancement of cryptocurrencies in the US and to work toward potentially developing a national digital asset stockpile.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.
Bitcoin Price Gearing Up Towards A Breakout
The BTC price on the 4-hour chart showcases a period of consolidation following a significant rally in previous weeks.
The Bitcoin price has encountered resistance near the $105,592 level and has established a support zone in the $100,000-$101,200 range.
Meanwhile, the Bitcoin price action is forming a sideways pattern, which reflects indecision in the market, with buyers and sellers reaching a temporary equilibrium.
If a breakout occurs above resistance, it may signal a continuation of the bullish trend, while a breakdown below the support zone could lead to further downside.
In addition, the price is trading above the 50-period Simple Moving Average (SMA) on the 4-hour chart at $103,355, suggesting short-term bullish momentum.
However, the 200-period SMA at $97,621 remains farther below, reinforcing it as a significant long-term support level, according to data from GeckoTerminal.
The Relative Strength Index (RSI) is currently at 52.56, indicating neutral momentum. If the RSI trends upward, it could validate a breakout, while a downward move might indicate bearish pressure.
What’s Next For The BTC Price?
If the price of BTC breaks above the $105,500 resistance with a spike in volume, it could target $108,000 or higher, as this would indicate a continuation of the bullish trend.
A failure to hold the $100,000 support zone could result in a drop to the 200-period SMA at $97,621, with further downside possible if bearish momentum intensifies.
As the BTC price surges, investors are also snapping up a new PEPE 2.0 ICO called MIND of Pepe (MIND), which 99Bitcoins, a popular crypto channel on YouTube with over 722K subscribers, says has the potential to soar 20X after its launch.
MIND Of Pepe Presale Garners Over $3.4 Million – Next 20X Crypto?
MIND of Pepe is a pioneering crypto project and the first AI project to leverage a major meme coin brand.
It offers AI-driven opportunities for its native token holders and engages with the crypto community in a new innovative way.
So far, the project has attracted a huge following, with its presale closing on the $4 million milestone in less than a week.
The project redefines innovation in crypto by fusing the most popular crypto sector, meme coins, with the fastest-growing emerging narrative, AI.
🚨 $MIND is Now Live in Upcoming Tokens! 🚨@MINDofPepe leverages the power of AI to help users identify new trends and exciting opportunities. The self-evolving AI agent interacts across platforms to deliver real-time updates.
Built on Ethereum, $MIND offers holders exclusive… pic.twitter.com/uyXFpYka5p
— Best Wallet (@BestWalletHQ) January 14, 2025
One outstanding feature is its ability to analyze emerging trends in the Web3 space on social media platforms, especially Crypto Twitter, before they gain traction and point them out to MIND holders.
Token holders also have the opportunity to stake their MIND tokens for a stratospheric 623% annual percentage yield (APY).
Currently, MIND tokens are priced at $0.0031889.
Buy MIND on its official website here before a price hike in 36 hours.
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