Bitcoin: a new ATH is here

With the election of a new pro-crypto Administration in the US, there is a sentiment of a new dawn of the crypto industry in the US. The markets reacted in a positive manner, in expectation of the first steps of a newly inaugurated US President. As promised in a pre-election period, one of the first steps of a new President was an executive order for a creation of a cryptocurrency working group, whose task would be to draft a proposal of a new regulation on crypto assets, including the creation of a national stockpile of cryptocurrencies. Market reacted positively, bringing the price of BTC to a fresh, new all time highest level at $109.264. The profit taking soon began, so the coin reverted a bit back toward the 105K, where BTC is ending this week.
The RSI headed toward the level of 60, indicating that the market is clearly on the way to the overbought market side, leaving some space for the higher grounds in the coming period. The moving average of 50 days started again its divergence from MA200, indicating that there will be no cross in the near period.

The overall developments for the crypto industry are currently quite favorable in the US. This is reflected through the prices of crypto coins. However, as BTC is now moving highly within mainstream assets, some volatility in the week ahead is possible. This volatility might be a reflection of news from the FOMC meeting, which will take place on January 28-29, when Fed Chair Powell will inform the public on FOMC rate decisions and perspectives of the US economy in the coming period. In case of a pullback, the price of BTC might retreat back toward the 103K, in a worst case, 100K, with a lower probability. However, in case of a move toward the upside, the market will test ATH for one more time.