- BTC hit $94K after Trump announced the U.S. Crypto Reserve including SOL, ADA, and XRP.
- The crypto market soared as SOL jumped 25% and ADA gained 68% following Trump’s move.
- Bitcoin now faces resistance at $94,578 while support is at $88,022 amid market uncertainty.
Following U.S. President Donald Trump’s announcement of a U.S. Crypto Reserve, Bitcoin (BTC) surged past $91,000 on Sunday. Trump initially confirmed that XRP, SOL, and ADA would be included in the reserve. He later added Bitcoin and Ethereum, emphasizing their importance to the initiative.
In a post on Truth Social, Trump stated that the U.S. Crypto Reserve will elevate the critical industry after years of corrupt attacks by the Biden Administration. He further stated that the executive order directed the Presidential Working Group to establish the reserve, which includes XRP, SOL, and ADA. Following the statement, Trump posted another announcement, confirming Bitcoin and Ethereum’s inclusion in the reserve.
Following this, Ethereum rose 13% to $2,442, while Bitcoin surged 10% and reached above $94K. Solana jumped 25%, reaching $143.94, while XRP recorded a 33% increase to $2.80. Cardano led the gains, climbing 68% past $1.
Bitcoin Faces Resistance at $94K Amid Market Volatility
Bitcoin reached a high of $94,272 but faced resistance at the 50.0% Fibonacci retracement level of $94,578. A downward trendline continues to block further upside at the 38.2% Fibonacci level of $101,134. Despite the sharp rally, Bitcoin struggles to break through this resistance.
Source: Tradingview
On the downside, the 61.8% Fibonacci retracement level at $88,022 serves as the closest support. A break below this level could push BTC toward the 78.6% retracement at $78,688. BTC may test the 100.0% retracement at $66,798 if further selling pressure emerges. Conversely, a decisive move above $94,578 could open the door for a push toward the psychological $100,000 mark.
Related: Bitcoin Alone Is Ideal for US Reserves: Brian Armstrong
Market Indicators Show Bearish Momentum
Despite the price increase, the Moving Average Convergence Divergence (MACD) indicator remains in negative territory. The MACD line sits at -2,438, with the signal line at -2,392, showing continued bearish momentum. The histogram remains below zero, signaling weak buying pressure.
Bitcoin rebounded from a 120-day low of $78,200, but uncertainty remains. With the U.S. Crypto Reserve now in focus, will BTC sustain its momentum or face further resistance? Market participants await further developments as institutional and regulatory interest in digital assets intensifies.
