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Bailey also asked Trump if he had any message for the crypto community, to which Trump reaffirmed his support, emphasizing his commitment to advancing the crypto space and recognizing the community's innovative contributions.
"He said he's 100% with us, that we'll take Bitcoin to much greater heights and surpass China and other countries that want to take it away from us," Bailey stated.
This endorsement highlights a significant shift in Trump's stance on cryptocurrencies. Historically, Trump was skeptical of Bitcoin and other digital assets, calling them unstable and unregulated. However, during his 2024 presidential campaign, Trump embraced the crypto community, accepted campaign donations in digital assets, and even proposed creating a federal Bitcoin reserve to strengthen the nation's financial position.
Trump's sudden change in crypto policy has sparked widespread discussion among analysts and experts. Many believe this shift is motivated by the growing popularity of cryptocurrencies among voters, particularly younger demographics. Trump's pro-crypto stance may be a strategic move to attract this influential voter base amid intensifying electoral competition.
Moreover, the proposal for a federal Bitcoin reserve could have far-reaching implications for the U.S. financial system. Some economists argue that integrating cryptocurrencies into government reserves could lead to greater monetary resilience and transparency. However, such a move also raises concerns about regulation, security, and risks associated with Bitcoin's volatility.
Meanwhile, Texas Lieutenant Governor Dan Patrick recently announced plans to establish a "Texas BTC Reserve" in 2025. Additionally, the Utah House Committee passed a bill allowing the state to invest part of its funds in BTC and other cryptocurrencies, which is now set for review by the House of Representatives.
Senator Cynthia Lummis, a well-known crypto advocate, also stated that one of her first actions as Chair of the Digital Assets Committee will be to hold public hearings on a strategic Bitcoin reserve.
Currently, Bitcoin bulls are targeting a return to $106,000, which would open the door to $107,500, followed by $109,000. The ultimate target is $110,400, and a break above this level would confirm a resumption of the medium-term bull market.
However, in case of a pullback, buyers are expected to step in at $104,400. A drop below this area could accelerate a decline toward $102,900, with the next major support at $101,200. The most bearish scenario would see BTC test $99,500.
Ethereum's firm breakout above $3,220 paves the way for a move toward $3,264, followed by $3,314. The ultimate target is the yearly high at $3,373, and a break above this level would signal a return to the medium-term bull trend.
However, if Ethereum pulls back, buyers are expected to step in at $3,161. A drop below this area could push ETH down to $3,106, with the final downward target at $3,056.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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