Touch of Compassion

Ethereum Bulls Show Further Upside Potential

Ethereum surged more than 9% on Thursday, closing above the 61.8% Fibonacci retracement level at $3,300. On Friday, Ethereum continued its rally, breaking above $3,420, approaching the weekly resistance level of $3,454. However, if ETH fails to close above the $3,454 weekly resistance level, it may face a pullback to re-test the $3,000 support level.

However, the Relative Strength Index (RSI) momentum indicator remains at 82, suggesting that the market is overbought and indicating an increased risk of a pullback. Traders should be cautious when adding to long positions, as a move away from the overbought zone could signal a significant pullback. If Bitcoin experiences a pullback, it may fall to re-test the key psychological level of $90,000.

Bitcoin Price Nearing $100k Milestone

So far this week, Bitcoin’s price has risen more than 10%. If BTC continues to maintain its upward momentum, it could extend its rally and retest the important psychological $100,000 level.

The excitement surrounding Trump’s pro-crypto stance has fueled market optimism. On November 21, Bitcoin reached an all-time high of over $99,000, reflecting growing investor confidence in the role of cryptocurrency as a strategic asset in the future.

The idea of establishing a strategic Bitcoin reserve has already gained momentum at the state level. In Pennsylvania, Representative Mike Cabell recently proposed allocating part of the state’s $7 billion fund to Bitcoin, suggesting an initial investment percentage between 1% and 10%. Dennis Porter, founder of the Satoshi Act Fund, has been advocating for similar legislation in Texas and believes that other states will soon follow suit. Porter has stated that up to 10 states may launch similar initiatives this year, with Texas likely to lead the way.

Unlike traditional presidential advisory committees, this dedicated cryptocurrency group could either operate under the White House National Economic Council or function independently. Reports indicate that cryptocurrency industry leaders from Coinbase, Ripple, Kraken, Circle, Paradigm, and Andreessen Horowitz’s a16z crypto division are vying for seats on the committee. Blockchain Association CEO Kristin Smith emphasized the urgency of forming the committee and stated that it could be implemented immediately.

Trump Plans to Establish Bitcoin Reserve and Cryptocurrency Support Committee

Trump's pro-crypto agenda includes a Bitcoin reserve and a specialized advisory committee aimed at enhancing the U.S.'s leadership in cryptocurrency and simplifying regulations.

President-elect Donald Trump plans to establish a "Cryptocurrency Advisory Committee," which has sparked a stir in the financial world. According to a recent Reuters report, the committee will oversee cryptocurrency policy, work with Congress to craft legislation, and focus on establishing a strategic Bitcoin reserve—a concept Trump championed during his campaign. The committee would represent an important step forward for the cryptocurrency industry, which has grown rapidly since Bitcoin’s launch in 2008.

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