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Bitcoin Continues to Break Records: Market Euphoria Pushes BTC to the $90,000 Threshold 💴 💶

Bitcoin’s rapid short-term rise, according to some experts, is not just a story driven by Trump. The post-halving supply shock has contributed to the price increase. BTC’s supply has significantly decreased following the halving of block rewards in April, suggesting that demand struggles to meet the available supply. The launch of Bitcoin ETFs is also fueling this demand. Recent data shows that while 13,940 BTC were purchased in one day, only 450 BTC were mined, indicating high demand. Looking forward, investors are advised to remain cautious about the potential for a bubble in the market.

Peter Schiff Criticizes Donald Trump’s Strategic Bitcoin Reserve Proposal

Peter Schiff reacts harshly to the Bitcoin reserve proposal. According to him, this move risks undermining the US Dollar in the long term. Schiff argues that if the Trump administration establishes a reserve of 1 million BTC, it could harm the US Dollar. He believes that this large-scale purchase would push BTC prices to new peaks, making early investors millionaires and billionaires. In the long term, this situation may lead the US government to print more dollars to buy more BTC to sustain the reserve. Schiff argues that Bitcoin cannot serve as a sustainable hedge against the devaluation of the dollar, adding that this move could ultimately cause Bitcoin’s value to decline in the long term.

US Stocks Set Record for Second Day in a Row

While Asian markets declined, the dollar remained near a four-month high, and Bitcoin reached a new historic peak, fueled by the increased appetite for assets expected to benefit from Donald Trump’s election as U.S. president. Investors anticipate that Trump’s second presidential term will bring tax cuts and looser regulations, driving Bitcoin to a historic peak of $89,637. The dollar is also expected to benefit from policies aimed at keeping U.S. interest rates higher than expected for a longer period. Data provider DDHQ predicted yesterday that Republicans will also gain the majority in the U.S. House of Representatives. Having secured the Senate majority on election day, Republicans are thus expected to hold a majority in both chambers of Congress.

Technical Overview

DXY

The Dollar Index (DXY) is strongly recovering at the start of the week, continuing its upward trend. Finding strength at the critical support level of 100.68, the DXY is expected to maintain its upward momentum as long as it stays above this support. Especially as it trades above the 106.68 level, upward movements are anticipated to accelerate. Buyers are observed to be dominant in this area, and the index is likely to advance toward resistance levels.

Resistances: 104.76 / 106.00 / 107.35
Supports: 104.02 / 102.26 / 100.68

BTC/USD

Bitcoin has reached the resistance of the descending channel structure and successfully broke through with significant volume. This resistance zone is crucial for BTC and could open the doors to a new bullish trend in the cryptocurrency markets. If Bitcoin manages to sustain its price above this strategic level, we may see bullish momentum for Bitcoin and other altcoins, triggering a rally that gains traction in the market. Therefore, the current levels represent a critical turning point that should be closely monitored.

Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000

ETH/USD

ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.

Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052

NASDAQ

The index, continuing its upward trend, is pricing above the 20,635 resistance level, maintaining its bullish momentum. In the event of potential pullbacks, two critical support levels stand out. Firstly, the 19,600 level serves as an important support zone in the short term. In case of a deeper pullback, the 18,400 level should be monitored as a strong buying area. Buyers are expected to step in at these levels.

Resistances: 20,635 / 22,400 / 23,000
Supports: 18,913 / 18,670 / 17,200

BRENT

Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.

Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50

EURUSD

EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.

Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080

XAUUSD

Gold surpassed the 2,742 resistance zone, reaching a new all-time high and heading strongly towards the 2,800 level. In this uptrend, the 2,745 level stands out as a key support; as long as gold stays above this level, it could maintain its upward momentum. As it moves towards the 2,800 target, investors should closely watch whether gold continues to trade above this support zone.

Resistances: 2800 / 2850 / 2910
Supports: 2740 / 2690 / 2625

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