Selling pressure for Bitcoin has been reduced greatly after realizing daily profits as high as $10 billion as the asset approached $100,000 in December.

Skew referenced a “well defined consolidation” taking place on BTC/USD, flagging $102,000 and $106,000 as the key levels for bulls to capture definitively. “$106,000 is what i want to see on Bitcoin today,” fellow trader Crypto Tony agreed. An accompanying chart maintained an increasingly popular near-term BTC price target of around $122,000.

Bitcoin and other cryptocurrencies recoiled after Trump's first set of policies following inauguration did not refer to this asset class.