Bitcoin's trajectory was put into question as President Trump concluded his first day in office without confirming any anticipated crypto-related executive orders or acknowledging the suggested Strategic Bitcoin Reserve. The currency's price, having surged to almost $110,000, retracted following the lack of digital asset mentions in his inauguration address.
Analysts described Bitcoin's state as indecisive, yet some, like Markus Thielen from Matrixport, pointed to ongoing positive technical indicators. He noted Bitcoin's movement within a narrowing wedge since mid-November, triggered to break out by the inauguration.
Several analysts, including Rekt Capital, emphasized Bitcoin's retest of significant markers, such as $101,000, suggesting possible stability in the $101,000-$106,000 range, while trader Crypto Chase expressed readiness to act on dips around $99,500.
Despite the disappointment, optimism lingers due to confirmation from industry figures like David Bailey about potential executive orders related to crypto, leaving investors hopeful for market revival.
