The cryptocurrency market experienced one of its most volatile days in history over the last 24 hours. Bitcoin 
$106,983 has shown strength in its price due to recent developments. U.S. President Donald Trump signed executive orders that could potentially have a more significant impact than expected. He has prohibited the creation of Central Bank Digital Currencies (CBDCs) and has vowed to make the U.S. “the Crypto Capital of the World.” Furthermore, plans have begun to establish a digital asset reserve consisting of cryptocurrencies, including Bitcoin and Ethereum 
$2,549.
Bitcoin Prepares for Historic Highs
During Trump’s first term in the White House, the cryptocurrency market saw a tremendous surge. At that time, Bitcoin’s price increased by over 1,900%, while Ethereum gained approximately 14,000%. Now, a similar upward movement is once again on the horizon.
Currently, Bitcoin is trading around the $105,000 level, showing strong bullish signals. However, large investors, known as whales, are neither buying nor selling at this time. This situation indicates that the weekly closing will be critical for the future direction of the leading cryptocurrency’s price.
Breaking the $110,000 Barrier May Prove Challenging
BTC may find it difficult to exceed the $109,000 mark and reach $110,000. There are currently over $240 million in short positions accumulated around the $106,000 level. A breakthrough in this region could trigger a short-term pullback, but bulls seem ready to push the price to new heights.
Maintaining above $106,600 could pave the way for Bitcoin to reach new peaks.
