Breaking: Bitcoin Soars Past $100K as Trump Nominates Pro-Crypto Atkins as SEC Chair

Bitcoin has officially surpassed the $100,000 milestone, breaking its all-time high (ATH) of $99,588 on Thursday after recovering from a recent pullback. This remarkable surge came on the heels of a major announcement from President-elect Donald Trump, who confirmed the nomination of Paul Atkins as the next Chairman of the U.S. Securities and Exchange Commission (SEC). The news, which was made public on Wednesday, has sparked optimism in the cryptocurrency market, as Atkins is considered a pro-crypto figure.

The Trump Factor: Paul Atkins Nominated as SEC Chair

On Wednesday, Donald Trump announced that he had nominated Paul Atkins, the CEO of Patomak Global Partners, as the next SEC Chairman. The crypto market responded enthusiastically to this news, as Atkins has been a vocal advocate for cryptocurrency and blockchain technology. His nomination is seen as a positive development for the crypto industry, as many hope that his leadership will bring more favorable regulatory conditions for digital assets.

The market reacted swiftly to this news, with Bitcoin gaining 2.8% on Wednesday. The rally continued into Thursday, with Bitcoin surpassing the $100,000 mark for the first time ever. At the time of writing, Bitcoin was trading well above $103,000, marking a strong upward movement after its recent correction.

Bitcoin Enters Price Discovery Mode

Bitcoin’s impressive rally has now pushed the cryptocurrency into price discovery mode, meaning it is entering uncharted territory where its price is setting new highs. Technical analysts have set their sights on a potential price target of $113,000, based on key Fibonacci extension levels. The next significant level of resistance lies at $113,147, which corresponds to the 141.40% Fibonacci extension drawn from the low of $66,835 on November 4 to the high of $99,588 on November 22.

Should Bitcoin successfully close above this level, analysts believe the rally could extend even further, with the next psychological target being the $125,000 mark.

RSI Shows Overbought Conditions, but Bulls Remain Optimistic

While Bitcoin's price continues to surge, caution is warranted, as the Relative Strength Index (RSI) on the daily chart has reached 72, above the typical overbought threshold of 70. This indicates that Bitcoin may be due for a price pullback in the short term. However, despite the overbought conditions, the RSI is still pointing upwards, suggesting that there is still potential for further gains.

Traders and investors should be mindful of the increasing likelihood of a short-term correction, but many remain optimistic about Bitcoin’s longer-term trajectory. The combination of institutional interest, regulatory clarity under Atkins' potential leadership, and Bitcoin's increasing mainstream adoption have many believing that the cryptocurrency’s bull run is far from over.

What’s Next for Bitcoin?

With Bitcoin now in price discovery mode, the key question is how much further it can go. Analysts are watching closely for a potential test of the $113,000 level, and beyond that, the psychological $125,000 mark. However, with the RSI in overbought territory, a short-term pullback could provide traders with a buying opportunity.

For now, Bitcoin’s ascent past $100,000 is a significant milestone, and the news surrounding Paul Atkins' nomination as SEC Chair has only fueled further optimism in the market. With a positive regulatory environment potentially on the horizon, Bitcoin’s future looks bright, and investors are watching closely for the next big move in the cryptocurrency market.