Bitcoin hovered moved pass $90,000 into Wednesday’s Wall Street open after a relief bounce in stocks and fresh comments from US President Donald Trump at the World Economic Forum in Davos.
Trump comments lift risk assets
Trump told the audience he expects new crypto legislation to reach his desk soon.
He said during his remarks:
“Now, Congress is working very hard on crypto market structure legislation — Bitcoin, all of them — which I hope to sign very soon, unlocking new pathways for Americans to reach financial freedom.”
He also tied his outlook to equities, saying the Dow Jones Industrial Average could reach 50,000.
Trump added:
“We’re going to hit 50,000 and that stock market’s going to double — in a relatively short period of time.”
Japan bond jitters in the background
Market optimism was tempered by renewed focus on Japan’s bond market.
QCP Capital said 10-year Japanese bond yields have risen to around 2.29%, levels not seen since 1999.
The firm added that government debt exceeds roughly 240% of GDP, total debt is near ¥1,342tn, and debt servicing is projected to absorb about a quarter of fiscal spending in 2026.
Bitcoin levels traders are watching
Traders continued to focus on bitcoin’s yearly open as a key magnet after January’s volatility.
Daan Crypto Trades wrote:
“$BTC Almost retested the yearly open on this flush lower. Still think that’s a good area to watch closely. In my opinion, it would be good to have a bit of a wick below the yearly open so that it is at least taken out. Then from there we can see.”
