Crypto Weekly Report

With Trump confirmed to return as President, his views on future policies and the nomination of cabinet members have become the focus of financial markets, as investors are positioning themselves in advance based on expectations regarding U.S. fiscal policies, tariffs, industrial subsidies, industry regulations, and immigration policies.

The crypto industry has welcomed an optimistic outlook for relaxed U.S. regulatory measures, as SEC Chairman Gary Gensler is set to voluntarily resign on January 20 next year. During his tenure, Gensler consistently questioned the reliability of cryptocurrencies and held a conservative stance on approving Bitcoin and Ethereum ETFs while aggressively targeting illegal activities within the crypto sector. His resignation is expected to benefit the crypto space significantly.

Additionally, reports suggest that Trump is considering creating a senior position in the White House dedicated to cryptocurrency policy, potentially appointing Chris Giacarlo. Giacarlo has strongly advocated for Congress to recognize and respect cryptocurrencies as an inevitable product of technological progress and free markets. As the former chairman of the Commodity Futures Trading Commission (CFTC), he approved the listing of Bitcoin futures in the U.S., making him a highly crypto-friendly figure.

Even though several Federal Reserve officials (Powell, Bowman, Collins, and Schmid) have adopted a cautious stance on rate cuts, the two major pieces of news have reignited bullish sentiment in the crypto space. Bitcoin is now approaching the $100,000 mark, potentially marking a historic moment for crypto by the end of 2024.

This Week and Future Outlook

This week, besides monitoring whether Trump introduces additional crypto-friendly policies and the appointment of related officials, attention should also focus on Wednesday’s U.S. Q3 GDP annualized growth revision and October PCE data. If Q3 GDP is revised upward and October PCE shows a slight decline, it will support the Fed’s gradual rate-cutting stance, providing Trump with more room for fiscal stimulus. Should bond appeal continue to decrease, risk assets (U.S. equities and cryptocurrencies) could see more capital inflows, potentially extending the crypto bull market into Q1 2025.

Technical Analysis

On the BTC 4-hour chart, prices continue to set new highs. Although there has been a slight pullback, the 22 MA provides significant support, and the overall upward structure remains clear with no major resistance ahead. Those without positions can consider entering long positions at minor support zones, but avoid aggressive shorting.

Trading Suggestions

Entry: Go long on BTC at 96,588 during a pullback.

Target: 100,000. Stop-loss: 92,450.