 Crypto 'confused' on Trump stockpile as Bitcoin price rejects at $106K 
2025-01-24
Category: None

Bitcoin BTCUSD circled $105,000 on Jan. 24 as “utterly confused” crypto markets failed to rally on news of a potential US buying spree.
Bitcoin, crypto limp as US ditches “disastrous” red tape
Data from Cointelegraph Markets Pro and TradingView showed whipsaw BTC price behavior accompanying a new executive order by President Donald Trump the day prior.
Among other goals, this intends to “evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile.”
The Trump administration further rescinded controversial legislation from the Securities and Exchange Commission (SEC) known as SAB 121 — something that pro-Bitcoin Senator Cynthia Lummis called “disastrous for the banking industry.”
SAB 121 removed the ability for US banks to custody crypto.
“I am THRILLED to see it repealed and get the SEC back on track to fulfilling its intended mission,” Lummis wrote in part of a recent post on X.
Far from celebrating, however, crypto markets themselves failed to find upward momentum. Bitcoin remained within its local range, even avoiding a retest of all-time highs as traders digested events.
Altcoins stayed flat, too, even as the executive order seemingly left the door open to their inclusion in the stockpile.
“The market seems utterly confused at the moment,” trader, analyst and podcast host Scott Melker, known as “The Wolf of All Streets,” summarized at the time.
Those hoping for Bitcoin to take the lead in US crypto policy appeared to all but entirely lose hope.
According to prediction service Polymarket, the odds of Trump creating a form of “Bitcoin reserve” during his first 100 days in office were now just 21%.
Commenting, some suggested that the market’s lackluster reaction was premature.
“It really is hard to emphasize how huge a sea change we're witnessing,” Bitcoin enthusiast Vijay Boyapati told X followers. 
BTC price in “well defined consolidation”
Analyzing low-timeframe BTC price action, meanwhile, popular trader Skew saw cause for confidence.
“Despite lots of chop in the market charts actually look pretty good on 4H - 1D,” he argued in his latest X analysis.
Skew referenced a “well defined consolidation” taking place on BTCUSD, flagging $102,000 and $106,000 as the key levels for bulls to capture definitively. 
“$106,000 is what i want to see on Bitcoin today,” fellow trader Crypto Tony agreed.
An accompanying chart maintained an increasingly popular near-term BTC price target of around $122,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.