Bitcoin

Bitcoin ‘Strong Support’ Gets a Macro Boost From Trump WEF Speech

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Bitcoin (BTC) sought a $90,000 reclaim around Wednesday’s Wall Street open as US President Donald Trump pledged to sign pro-crypto legislation.

Key points:

  • Trump breathes modest gains into BTC price action with his World Economic Forum speech.

  • Pro-crypto legislation is back on the table in the US, but Japanese bond issues temper market enthusiasm.

  • Bitcoin setting new 2026 lows may be “good” in the long term, says analysis.

Trump promises crypto legislation “very soon”

Data from TradingView showed daily BTC price gains reaching 1.7% as Trump took to the stage at the World Economic Forum in Davos, Switzerland.

BTC/USD one-hour chart. Source: Cointelegraph/TradingVIew

“To unleash innovation and savings and financing I’m also working to ensure America remains the crypto capital of the world, and to that end I signed the landmark Genius Act into law,” Trump said. 

“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.”

Trump also said that he would not use force to take over Greenland, a topic that stock markets welcomed, with the S&P 500 up 0.5% at the time of writing.

“That stock market is going to be doubled,” he added about the Dow Jones Industrial Average.

“We’re going to hit 50,000 and that stock market’s going to double, in a relatively short period of time.” 

Dow Jones Industrial Average one-hour chart. Source: Cointelegraph/TradingView

Trump’s words came as markets waited to see the full extent of EU trade retaliation over the Greenland issue. Across the world, Japanese bond markets, a topic to which crypto markets are traditionally sensitive, once more hit the headlines.

“After decades of near-zero rates, 10-year Japanese bond yields have risen to around 2.29%, levels not seen since 1999,” trading company QCP Capital wrote on the topic in its latest “Asia Color” market update.

“This shift is exposing deep fiscal vulnerabilities: government debt now exceeds ~240% of GDP, total debt stands near ¥1,342tn, and debt servicing is projected to absorb roughly a quarter of fiscal spending in 2026,” QPC Capital wrote, adding:  

“As yields rise, the sustainability of Japan’s public finances is being openly questioned, and the spillover to global bonds underscores Japan as a key volatility catalyst.”

Japanese government bond purchases. Source: The Kobeissi Letter/X

Trading resource The Kobeissi Letter warned that Japanese government bond demand was “crashing.”

“Japan’s bond market crisis is deepening,” it wrote in an X post on the day.

2026 open still Bitcoin price magnet

Earlier, Cointelegraph reported on round-trip BTC price action in January that took BTC/USD close to its 2026 starting position. 

Related: Bitcoin sharks scoop up BTC like it’s 2013 despite ‘perfect bull trap’

In so doing, it closed a “gap” in CME Group’s Bitcoin futures market, leaving only gaps above price and a potential foundation for a sustained rebound.

“$BTC has a solid buying wall. This shows that the support line is strong,” trader CW reported. 

BTC/USDT one-day chart. Source: CW/X

Daan Crypto Trades advised monitoring the local lows, arguing that it would even be beneficial for BTC/USD to “wick below” the 2026 opening mark.