Bitcoin Reaches New High as Trumps Launch Memecoins

Week of January 21-27, 2025

Donald Trump, the returning President of the United States, did not include Bitcoin (BTC) among his main policy agenda, nor did he sign any executive orders to enforce policies on it during his first day in office. However, upcoming policy announcements should still be closely watched.

Donald Trump has launched his own meme coin, Official Trump (TRUMP), on the Solana blockchain, with its price increasing by more than 490% within the first 24 hours. Meanwhile, his wife, Melania Trump, also launched her own meme coin.

JPMorgan predicts that Solana (SOL) and Ripple (XRP) ETFs could attract up to $13.6 billion in new investments within 6-12 months. Approval depends on regulatory developments and investor interest, with policy decisions pending on the new administration and the next U.S. SEC Chairman.

Bloomberg reports that Solana's ETF may not launch until 2026, as the SEC will need 240-260 days to review the documents previously submitted to the court, causing delays in fund approval.

Asset managers such as VanEck and ProShares have filed documents to establish ETFs for other coins like Litecoin (LTC), Ripple (XRP), and Solana (SOL), with the possibility of leveraged ETFs and funds designed to profit from downward trends also receiving approvals. Bloomberg forecasts that Litecoin may be the next to have its ETF approved.

DappRadar reports that in 2024, NFT trading volume had dropped 19% down to just $13.7 billion from 2023, while the number of trades fell by 18%, to less than 50 million transactions. This made last year the worst for the NFT market since 2020.

Technical Analysis

Bitcoin (BTC) 

Bitcoin (BTC) has the potential to set a new all-time high, but it is currently in a correction phase. The RSI momentum still has room for upward movement. In the short term, watch the support level at $99,000. If this level holds, the first resistance target will be the previous all-time high at $110,000. If that is surpassed, the next target will be $120,000.

• Support: 3,400,000 THB / 99,00 USD
• Resistance: 3,800,000 THB / 110,000 USD

Ethereum (ETH)

Ethereum (ETH) is still underperforming compared to the market. The price trend is moving sideways with a downward bias, so it's better to accumulate for the long term rather than speculate for short-term gains. Watch for support at $3,000. If it breaks through the first resistance at $3,400, the next target will be $3,700.

• Support: 104,000 THB / 3,000 USD
• Resistance: 128,000 THB / 3,700 USD

Raydium (RAY)

Raydium (RAY) delivered 51.51% returns last week. The price has successfully broken through the key resistance at $6.50, which will now serve as an important support level and a buying point if the price pulls back. The first profit-taking resistance target is at $10.

• Support: 220 THB / 6.50 USD
• Resistance: 280 THB / 10 USD

Solana (SOL)

Solana (SOL) delivered 50.19% returns last week. The price reached a new high before pulling back to a key support level, which can be used as an entry point at $217. If this level fails to hold, consider cutting losses. The first resistance target for profit-taking is at $266. If that is surpassed, the next target is $300.

• Support: 7,600 THB / 217 USD
• Resistance: 9,200 THB / 266 USD

Investment Trends

Bitcoin (BTC) reached a new all-time high before Donald Trump was officially sworn in as the President of the United States. Although he did not sign any executive orders to enforce policies on his first day in office, the market did not show significant concern and has managed to stay above key support levels.

Macroeconomic factors have turned positive following the announcement of a lower-than-expected Core CPI (inflation rate), which raises the likelihood that the Federal Open Market Committee (FOMC) will not delay the previously announced interest rate cuts.

There are no major economic data releases this week, but attention should be paid to the World Economic Forum 2025 meeting to see if cryptocurrency will be discussed.

The market is expected to move sideways while awaiting the official announcement of cryptocurrency-supportive policies. Altcoins to watch are those related to Donald Trump's policies, such as Ripple (XRP), Solana (SOL), as well as coins in the DeFi sector.

The outlook remains positive for the market, with Bitcoin and select altcoins expected to continue outperforming. Ether (ETH) is still weaker than the market, so it is better to focus on long-term accumulation rather than short-term speculation.

References

• https://cointelegraph.com/news/bitcoin-all-time-high-109000-trump-inauguration-day 
• https://cointelegraph.com/news/trump-america-first-priorities-exclude-crypto-btc 
• https://www.theblock.co/post/334601/jpmorgan-says-xrp-solana-etfs-could-bring-in-13-6-billion-in-first-year-if-approved 
• https://cointelegraph.com/news/solana-etfs-unlikely-before-2026-bloomberg 
• https://www.theblock.co/post/335596/wave-of-etf-filings-proposes-litecoin-etf-xrp-and-solana-leveraged-funds-and-more 
• https://cointelegraph.com/news/nfts-2024-worst-year-since-2020-dappradar 

Disclaimers

• Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
• Past returns or performance of digital assets do not guarantee future returns or performance. 

Remark: views, information, knowledge, and opinions are considered as content that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither the email nor the content presented constitute investment advice.