Bitcoin surges as Trump names Scott Bessent Treasury secretary

bitcoin price is up 0.2% in the last 24 hours to trade at $98,568 as of 9:30 pm EST, with trading volume down 26% to $89 billion.

This modest increase comes after US President-elect Donald Trump nominated hedge fund manager and cryptocurrency advocate Scott Bessent as Treasury Secretary.

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BREAKING: President Trump has announced that Key Square Capital Management CEO and founder Scott Bessent is Treasury Secretary.

Congratulations!!! pic.twitter.com/aSB8fyNVFd

-AJ Huber (@Huberton) <a target="_blank" href="https://twitter.com/Huberton/status/1860114250100015107?ref_src=twsrc%5Etfw”>November 23, 2024

If approved by the Senate, Bessent, a strong supporter of the digital currency ecosystem, will have his signature on US dollar bills.

bitcoin price nears $100,000 milestone: Will bulls be able to maintain momentum?

The bitcoin pair (btc/USDT) is showing a strong bullish trend. According to data from GeckoTerminal, an inverted head and shoulders pattern formed between July and September, indicating a reversal from bearish to bullish momentum. This pattern was confirmed in early October when bitcoin broke out of the neckline, leading to a sustained uptrend.

The moving averages further support the bullish argument. A golden crossover occurred in late October when the 50-day SMA (green) crossed above the 200-day SMA (blue). Both moving averages are trending up, reflecting strong buying momentum.

<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1281″ height=”545″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-surges-as-Trump-names-Scott-Bessent-Treasury-secretary.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-768×327.png 768w” data-lazy-sizes=”(max-width: 1281px) 100vw, 1281px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-surges-as-Trump-names-Scott-Bessent-Treasury-secretary.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-surges-as-Trump-names-Scott-Bessent-Treasury-secretary.png" alt="bitcoin price” width=”1281″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-surges-as-Trump-names-Scott-Bessent-Treasury-secretary.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-23_06-07-08-768×327.png 768w” sizes=”(max-width: 1281px) 100vw, 1281px”/>

BTCUSDT Analysis Source: Tradingview

He <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin“>btc price It currently remains well above the main support level at $74,360, which was previously a resistance level before being flipped. This level now acts as a key base for a continued upward move.

The Relative Strength Index (RSI) is currently at 80.61, indicating overbought conditions. While this reflects strong bullish momentum, it also suggests the possibility of a short-term pullback or consolidation before further gains are made.

The ongoing rally has pushed bitcoin close to its price target of $98,000, stemming from the inverted head and shoulders pattern. A parabolic trajectory could bring bitcoin price to its psychological level of $100,000 within reach.

Despite the bullish outlook, caution is warranted. Overbought RSI levels often lead to corrections, and a drop below $74,360 could signal weakening momentum. The 200-day SMA, near $65,725, would be the next critical support in such a scenario.

crypto All-Stars Pre-Sale Exceeds $5.3 Million and Launches Soon

As bitcoin approaches the $100,000 mark, investors are turning their attention to a promising new token called crypto All-Stars (STARS), which has already surpassed $5.3 million in pre-sale.

ClayBro, a popular crypto YouTuber with over 130,000 subscribers, says STARS could grow 10x after launch.

The project is attracting attention for its innovative nature due to its MemeVault protocol, which allows investors to stake multiple meme coins on a single platform for the first time while earning STARS token rewards.

Once launched, investors will be able to stake Dogecoin, Shiba Inu, PepeCoin, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk on the platform. The team also plans to add more meme coin titans in the coming weeks.

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crypto All-Stars plans to integrate with big names like <a target="_blank" href="https://twitter.com/search?q=%24Pepe&src=ctag&ref_src=twsrc%5Etfw”>$Pepe, <a target="_blank" href="https://twitter.com/hashtag/Dogecoin?src=hash&ref_src=twsrc%5Etfw”>#Dogecoinand <a target="_blank" href="https://twitter.com/hashtag/ShibaInu?src=hash&ref_src=twsrc%5Etfw”>#ShibaInu .

This cross-pollination could skyrocket the platform's visibility and adoption!

— web3telepath (@web3telepath) <a target="_blank" href="https://twitter.com/web3telepath/status/1824051758320009440?ref_src=twsrc%5Etfw”>August 15, 2024

Additionally, STARS offers an attractive passive income opportunity through its native staking mechanism, with an impressive 361% Annual Percentage Yield (APY) for staked STARS tokens.

Currently priced at $0.0016061, STARS offers a limited-time investment opportunity before its official launch in less than 27 days.

Interested investors can purchase tokens directly through the project's official website using BNB, USDT, or a bank card.

Buy STARS here.

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