Bitcoin Rises as Trump Names Scott Bessent Treasury Secretary

Bitcoin price edged up 0.2% over the past 24 hours to trade at $98,568 as of 9:30 p.m. EST, a 26% drop in trading volume to $89 billion.

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

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

Congratulations!!! pic.twitter.com/aSB8fyNVFd

– AJ Huber (@Huberton) 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 – Can Bulls Maintain Momentum?

The Bitcoin pair (BTC/USDT) is showing a strong uptrend. According to data from GeckoTerminal, an inverse head-and-shoulders pattern formed between July and September, signaling a reversal from bearish to bullish momentum. This trend was confirmed in early October when Bitcoin broke above the neckline, leading to a sustained uptrend.

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

BTCUSDT analysis source: Tradingview

BTC price is currently holding well above the major support level at $74,360, which was previously a resistance level before being reversed. This level now constitutes a key base for the continuation of the upward movement.

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.

The ongoing rally has pushed Bitcoin close to its target price of $98,000, derived from the inverse head and shoulders pattern. A parabolic trajectory could lead the Bitcoin price to its psychological level of $100,000 within reach.

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

Crypto All-Stars Presale Surpasses $5.3M, Launching Soon

As Bitcoin inches closer to 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 during its presale.

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

The project is gaining attention for its revolutionary nature thanks 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 invest 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 coin titans in the coming weeks.

Crypto All-Stars plans to integrate with big names like $Pepé, #DogecoinAnd #ShibaInu . 🔗

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

– web3telepath (@web3telepath) August 15, 2024

Additionally, STARS offers an attractive passive income opportunity through its native staking mechanic, offering an impressive annual percentage yield (APY) of 361% for staked STARS tokens.

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

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

Buy STARS here.

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