Bitcoin rose on Friday in a time when investors are assessing a group of factors that might impact the market sentiment and crypto assets.
Bitcoin, the world’s most valuable cryptocurrency, rose 1.7% in the past 24 hours to $103652, after sliding to $101,000 on Thursday.
Technical analysts expect bitcoin to be on the verge of a short-term correction, but heading for a long-term upward trend.
Crypto enthusiasts are optimistic about Trump’s supportive regulatory framework, with the new “Genius Act” bill governing stable cryptocurrencies about to pass the Senate next week.
On the other hand, the biggest US crypto exchange, Coinbase, is currently under investigations from the SEC for potentially providing inaccurate information about user numbers.
Coinbase responded that the investigation was prompted by the previous US administration, and is related to a measuring tool that was stopped two and a half years ago.
Despite this, Coinbase’s stock fell 7% on Thursday, after the company said it fell victim to a data breach, but the full impact of the events isn’t clear yet.
Nonetheless, optimism remains dominant among crypto traders, with most major currencies moving clearly higher.
Bitcoin Failing to Pass $105,000
Bitstamp data showed bitcoin is wavering between the $105,000 resistance and the 101,500 support.
Bitcoin has started a process of price stabilization after failing twice to pass the resistance of $105,000, in turn souring the mood of some traders.
However, some analysts note that markets tend to move against mass expectations, opening the door for a potential breach of $105,000 due to these increasing concerns.
Bitcoin is Lacking a Strong Stimulator
Bitcoin has managed to hold onto the support of $100,000 for over a week, while hitting a 14-week high at $105,700 on May 12.
It’s estimated that bitcoin could have brought in even more gains, if it weren’t for sell moves by big entities according to the trading source Material Indicators.
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