Bitcoin continues to be pressured by multiple factors.

Bitcoin’s price remains under pressure due to uncertainty surrounding former President Donald Trump’s policies on the cryptocurrency market. Trump recently announced plans to draft regulations for the crypto industry, but the lack of clarity has left investors without sufficient information and unsure about his future policy direction. Additionally, Bitcoin's price is also being affected by the upcoming U.S. Federal Reserve meeting this week, as investors anticipate that the central bank will maintain interest rates.

On Thursday, Trump issued an executive order to establish a working group focused on drafting new regulations for digital assets and exploring the feasibility of creating a national crypto reserve fund. This initiative marks a rapid regulatory reform for the crypto industry. Furthermore, Trump has also ordered a ban on the creation of a central bank digital currency (CBDC) in the United States.

The working group will include officials from various government agencies, such as the U.S. Department of the Treasury, the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC). However, investors remain uncertain about how Trump will establish a national crypto reserve fund, as any such action requiring congressional approval may face opposition from lawmakers who prioritize financial caution.

Additionally, the launch of Deepseek, an AI program claiming to be as powerful as ChatGPT but at a lower cost, appears to have impacted the crypto market after directly affecting the U.S. stock market, particularly technology stocks, which have faced immense pressure. Risk assets have also declined following Trump’s announcement of a 25% trade tariff on Colombia, with potential additional tariffs on key trading partners such as Mexico, Canada, and China.

Despite Bitcoin's continued decline, MicroStrategy, one of the largest Bitcoin-holding companies purchased approximately 10,107 BTC, with transactions occurring between January 21 and January 26. MicroStrategy’s total Bitcoin holdings now amount to approximately 471,107 BTC.

Meanwhile, the TRUMP token has been the worst-performing altcoin, dropping nearly 14% to $26.6. The token has lost about 60% of its value from its peak amid highly volatile trading. This decline has negatively impacted overall market sentiment, as the TRUMP token previously generated massive profits for Trump. The situation has raised ethical concerns about Trump potentially leveraging his position to manipulate the crypto market for personal gain.

Techical analysis data (5H)

Resistance: 102210, 102500, 102680

Source: Investing.com

Buy/Long 1: If the price touches support in the price range of 101560 - 101740 but cannot break the support at 101740, you may set a TP at approximately 102500 and SL at around 101270 or according to your acceptable risk.

Buy/Long 2: If the price breaks the resistance in the price range of 102210 - 102500, you may set a TP at approximately 102680 and SL at around 101560 or according to your acceptable risk.

Sell/Short 1: If the price touches resistance in the price range of 102210 - 102500 but cannot break the resistance at 102210, you may set a TP at approximately 101560 and SL at around 102680 or according to your acceptable risk.

Sell/Short 2: If the price breaks the support in the price range of 101560 - 101740, you may set a TP at approximately 101270 and SL at around 102500 or according to your acceptable risk.

Pivot point January 29, 2025 08:49 AM. GMT+7

Source: Investing1, Investing2