In a move that dashed high expectations, U.S. President Donald J. Trump ended his first day in office without issuing any cryptocurrency-related executive orders or addressing the much-touted Bitcoin Strategic Reserve, which he teased during the Bitcoin 2024 conference in Nashville. Bitcoin’s price, which had surged to nearly $110,000 on hopes of a breakthrough announcement, quickly fell when it became clear that the keynote address would not make an explicit nod to the digital asset.

What’s next for Bitcoin’s price?

Now, with BTC in what analysts describe as a no-man’s land, the market is awaiting any signs from the White House that Trump’s previous pro-Bitcoin rhetoric might translate into action. CRG cryptocurrency analyst (@MacroCRG) encapsulated uneasy sentiment on X, claiming that “crypto seems a little directionless” could change quickly if Trump simply mentions Bitcoin.

CRG argued: “but one mention of Trump and he sends IMO. Trump’s team bought 9 figs of cryptocurrency today, they will soon start skyrocketing.

Some observers maintain that Bitcoin’s overarching technical indicators remain favorable. Markus Thielen, researcher at Matrixport, commented on

According to Thielen, Trump’s inauguration was a catalyst for Bitcoin to break out of this wedge, but whether this breakout lasts depends on BTC maintaining support around the upper boundary. “Bitcoin is again testing a breakout level that corresponds to the upper boundary of the wedge. If Bitcoin holds above this key support, the near-term outlook will remain very bullish and a breakout will signal renewed upward momentum,” Thielen writes.

Renowned analyst Rekt Capital (@rektcapital) pointed out to X that Bitcoin managed to retest key levels, especially at the $101,000 level. Although the market has seen a pointed rejection of its range top, Rekt Capital emphasizes that this retest of both the “red diagonal” and “black lower range” is a robust signal that BTC may consolidate in the 101,000-106,000 corridor USD before potentially rising again.

Meanwhile, trader Crypto Chase (@Crypto_Chase) has suggested that he is willing to go long if Bitcoin falls to around $99,500. He noted: “If offered, I would take a long position of 99.5k. ~. I think the gray box needs to account for local bullishness, and a search of the entire Trump leadership/PA news makes sense. I would also accept the low moving to 97k, but that’s as far as it should go. Any good amount of time spent after 96-97k and my plan/reading will likely fail. Inval low 90’s heading to fresh ATH. 3R trade~.

Despite Wednesday’s disappointment, many believe the president’s pro-Bitcoin stance remains unchanged. David Bailey, CEO of BTC Inc. and a key figure in Trump’s transition towards a more Bitcoin and cryptocurrency-friendly stance, took to X today, revealing: “I received confirmation this evening that our EOs are among the first 200. I have no idea what got in, but good news is coming.” Bailey also stated that they include “EO related to Bitcoin or cryptocurrencies,” leaving open the possibility of a sudden political bombshell.

If such an order materializes, markets could quickly return to bullish territory. For now, however, traders and investors remain in limbo, waiting for an elusive official announcement or executive order – issued by the White House – that could reignite Bitcoin’s momentum.

At the time of publication, the BTC price was $103,182.

Featured image created with DALL.E, chart from TradingView.com