Bitcoin (BTC) is holding near $91,500 after breaking above the symmetrical triangle. The breakout is bullish and backed by institutional interest and politics. With that in mind, President elect Donald Trump announced the creation of the “Department of Government Efficiency” (DOGE) and appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to head cost cutting efforts in federal spending.
Musk and Ramaswamy are looking to save $2 trillion, 30% of the federal governments $6.7 trillion annual budget. But two thirds of that is mandatory spending, Social Security and Medicare, so only one third is discretionary.
What Is the Department of Government Efficiency?
Trump created DOGE to “cut excess regulations, cut wasteful spending and restructure federal agencies”. It’s not an actual government department but Musk and Ramaswamy will advise on areas to improve.
Musk’s influence goes beyond just cost cutting rhetoric; his tweet about the initiative mentioned he wants to reduce federal agencies from 400+ to 99. That’s in line with Trump’s broader goal of making the US a leader in crypto and government efficiency.
Can DOGE Succeed in Cutting Federal Spending?
Trump created DOGE to “cut excess regulations, cut wasteful spending and restructure federal agencies”. It’s not an actual government department but Musk and Ramaswamy will advise on areas to improve.
Musk’s influence goes beyond just cost cutting rhetoric; his tweet about the initiative mentioned he wants to reduce federal agencies from 400+ to 99. That’s in line with Trump’s broader goal of making the US a leader in crypto and government efficiency.
Will Bitcoin Benefit from Political Shifts?
Bitcoin and cryptocurrencies stand to gain from Trump’s pro-crypto stance and institutional moves like DOGE. As governments explore blockchain adoption for efficiency, Bitcoin’s growing adoption could receive another boost.
Bitcoin Breaks Triangle Pattern, Eyes $93,450 Amid $91,850 Resistance Test
Bitcoin (BTC) is trading around $91,383, attempting to sustain its bullish breakout above a symmetrical triangle on the 4-hour chart. This breakout signals the potential for further upward momentum.
However, a triple-top resistance pattern near $91,850 remains a major hurdle. A close above this level could drive BTC towards $93,450, $95,150, and even $96,550.
#Bitcoin breaks out of a symmetrical triangle, testing major resistance at $91,850! A breakthrough could target $93,450 and beyond. Bulls in control?
#BTC #CryptoTrading pic.twitter.com/OC7tn4Fvll
— Arslan Ali (@forex_arslan) November 16, 2024
The 50-day EMA at $88,263 reinforces the bullish trend, providing solid support. The Relative Strength Index (RSI) at 58.91 indicates a strong bullish bias, staying comfortably above the midline.
Immediate support lies at $89,578, followed by $88,263 and $86,687. The upward continuation is contingent on breaking the $91,850 resistance level. Failure to do so may prompt consolidation.
BTC remains in a bullish setup, supported by technical indicators. A decisive move above $91,850 could accelerate gains, aligning with the symmetrical triangle’s bullish implications.
Key Insights:
- Triple Top Resistance: $91,850 holds critical importance for BTC’s bullish breakout.
- Bullish Targets: Next resistance levels are $93,450, $95,150, and $96,550.
- Support Levels: Key supports at $89,578 and $88,263 ensure bullish trend integrity.
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