Bitcoin Price Jumps as Thaksin Shinawatra Proposes Crypto Boost for Phuket’s Tourism: Can BTC Regain $100k Mark?

Highlights:

• Bitcoin is up 1.3% to $96,759, and trading volume has risen 16% to $47 billion.
• Shinawatra will use Bitcoin to boost Phuket’s tourism and make Thailand a digital finance hub.
• Volatility and cybersecurity risks will be addressed through a controlled sandbox approach.

The Bitcoin price has jumped 1.3% in the last 24 hours to trade at $96,759 as of 5 a.m. EST on a 16% pump in trading volume to $47 billion. This surge in Bitcoin price comes after Former Prime Minister Thaksin Shinawatra proposed using Bitcoin to boost Phuket’s tourism economy by allowing crypto payments for visitors and local businesses.

Shinawatra plans to make Thailand a leading digital financial hub, with Bitcoin potentially reaching $850,000. Industry leaders, including Gulf Binance, support the initiative that could attract tech-savvy tourists and investors.

PHUKET + BITCOIN = TOURISM LEVELS UP

Former PM Thaksin is pitching Bitcoin as the future of Phuket tourism, predicting $850K BTC and more tech-savvy tourists.

But there’s a catch: Thailand’s central bank still says, “Not so fast,” as it controls payments.

Can crypto-powered… pic.twitter.com/ogLeFLjHnA

— Mario Nawfal’s Roundtable (@RoundtableSpace) December 26, 2024

However, a set of challenges offset this: Bitcoin’s price volatility, cybersecurity risks, and regulatory compliance issues. The suggested way forward is a sandbox approach in which the integration can be tested in a very controlled environment.

Bitcoin Price Signals a Rebound for Bullish Momentum

The BTC/USDT chart for the daily timeframe clearly shows a strong bullish trend, supported by significant technical levels and momentum indicators. The key support level at $71,000 and the 200-day moving average (MA200) are crucial for maintaining the overall uptrend.

If Bitcoin dips to this level, it will likely meet this position for strong support, presenting potential buying opportunities if the trend continues. This has been a strong support zone in previous bull markets, further strengthening its case as an important level.

Another strong level of support can be seen at around $95,000, which almost coincides with the SMA50 level at $95,461.53. In the given price action, SMA50 acts like dynamic support and gives good confidence to the watchers for consolidation followed by continuation. Within the range between $95,000 and $97,000, consolidation has been going on for quite some time, and it seems a bullish reversal would likely be because, in the given area, MA50 holds as well as local support.

The longer Bitcoin stays in this range, the higher the possibility of an upside breakout. If the price manages to hold above this zone, the next significant resistance target is $110,000, followed by $120,000 if the momentum continues to build.

More Bulish Momentum Ahead

The golden cross is seen when the 50-day moving average crosses over the 200-day, which is a probable uptrend. The RSI is currently reading 54.79, which indicates neutral conditions with a slight bias to the upside. The RSI is moving upward, showing an increase in buying interest. The continuance of its rise will confirm the persistence of the bull’s run.

Although the bullish trend remains intact, failure to hold support in the $95,000-$97,000 area could see Bitcoin price pull back toward the $71,000 level. A break below the support area, with weakening RSI and volume, would indicate a possible change in market sentiment. This would likely be seen as a healthy retracement within the larger uptrend and offer opportunities for traders to enter at lower prices.

The Bitcoin chart is bullish and will remain above the $95,000 to $97,000 support area. A close above it could set off a rally toward $110,000 and as high as $120,000. Failure to hold these supports guarantees a retreat to lower zones that would offer long-term bulls an opportunity to buy.