Trump Backed Bitcoin ETF Boosts Price Near $105,000

Bitcoin is currently trading just below $105,000, with several global factors aligning to potentially drive its price higher. The political landscape, macroeconomic trends, and technical indicators all suggest that Bitcoin is poised for a significant move.

One of the key developments is the filing of a Trump-backed Bitcoin ETF by Yorkville America Digital through NYSE Arca. This ETF, branded with President Trump's Truth Social platform, aims to track Bitcoin's price and is backed by the Trump Media & Technology Group. If approved by the SEC, this ETF could add fresh bullish momentum to the market, further legitimizing Bitcoin among conservative and retail investors. The move also introduces competition to existing ETFs like BlackRock’s IBIT, potentially driving more investment into the cryptocurrency space.

On the macroeconomic front, Russia's push against the U.S. dollar and the broader efforts by BRICS and ASEAN to explore alternatives like blockchain and digital assets are strengthening Bitcoin's role as a neutral settlement asset. Russian Foreign Minister Sergey Lavrov's calls to shift global trade away from the U.S. dollar align with these efforts, highlighting the growing geopolitical resistance to dollar dominance. This trend could lead to broader international adoption of Bitcoin, particularly in trade settlement and reserve diversification, supporting long-term price appreciation.

Additionally, Binance's recent announcement of reaching 275 million registered users underscores the accelerating global adoption of cryptocurrency. This milestone, coupled with platform upgrades like the integration of Binance Pay with Brazil’s Pix system, is expanding retail access to Bitcoin, fueling demand and lifting baseline liquidity. As cryptocurrency becomes more integrated into daily life, platforms like Binance are enhancing Bitcoin's mainstream relevance and utility beyond speculation.

Technically, Bitcoin is currently locked in a symmetrical triangle pattern on the 2-hour chart, trading just below the resistance level at $105,344. This pattern suggests an imminent breakout, with price action forming a tightening range of lower highs and higher lows since late May. However, technical indicators reveal weakening bullish momentum, with the price struggling below the 50-period EMA and the MACD fading with a bearish crossover. A confirmed close above $105,344 could lead to retests of $106,767 and $107,811, while a break below $104,500 could trigger moves to $104,098 and $102,111. Traders should watch for a confirmed 2-hour candle close outside the triangle to validate the move.

As Bitcoin teeters at $105,000, the confluence of political, macroeconomic, and technical factors suggests that the cryptocurrency is on the cusp of a significant breakout. The Trump-backed ETF, global de-dollarization efforts, and Binance's growth are all contributing to a bullish outlook, while technical indicators hint at an imminent move. Investors and traders should closely monitor these developments as Bitcoin's next price prediction unfolds.