On Wednesday (November 20), after bitcoin soared to a historic high of $93,904, it fell back to around $91,800 and fluctuated. The newly elected president of the USA, Donald Trump, nominated Howard Lutnick, a supporter of cryptos, for Secretary of Commerce and is considering Teresa Goody Guillén to succeed the chairman of the SEC. Billionaire Elon Musk labeled himself the dogecoin godfather in a post, stimulating a surge in dogecoin.

Trump's new cabinet: Commerce Secretary and SEC Chairman candidates 'pro-bitcoin'.

CoinTelegraph quoted sources as revealing that the transition team is considering naming Teresa, a partner at law firm BakerHostetler and co-chair of the blockchain team, as one of the candidates for the next chairman of the SEC. She is an experienced securities lawyer with a background serving the SEC and representing blockchain companies and traditional businesses against the agency.

"She is the best among all the candidates right now," said Brendan Playford, co-founder of Masa, a decentralized data provider for ai companies that is token-driven. He stated that Teresa will bring immediate changes to the SEC.

"She has a clear understanding of the law and how the SEC operates," Playford said. "We will have a transformative leader who can change the industry immediately, and she is a strong supporter of cryptos."

During the campaign, crypto professionals spent over $0.13 billion on the former president and other Republican candidates, so the Trump team listened to the opinions of crypto professionals during the election. Reports indicate that Coinbase CEO Brian Armstrong privately met with Trump to discuss personnel appointments.

Nicole Trudeau, the general counsel of investment firm Wave Digital Assets, has worked with Teresa on multiple crypto-related bankruptcy and SEC takeover cases. He stated, "Teresa is a true pioneer in the field of cryptos; she has the expertise and vision needed to lead the SEC and drive growth in the USA crypto and capital markets, embodying all of President Trump's vision for the industry."

Trump wrote on Truth Social: "I am pleased to announce that Lutnick will join my administration as Secretary of Commerce. He will lead our tariff and trade agenda and will be directly responsible for the work of the Office of the U.S. Trade Representative."

"Bitcoin should be traded freely around the world, just like gold," Lutnick said at this year's Bitcoin conference earlier. "As the largest wholesaler in the world, we will do everything in our power to achieve this. Bitcoin should be traded globally like gold, without exceptions and limitations."

Trump has a positive attitude towards cryptos—since May, when he announced that his campaign would start accepting crypto donations as part of an effort to establish a so-called "crypto army" before the election. Earlier this year, he also launched a crypto platform called World Liberty Financial (WLFI) with his family.

Musk's "dogecoin godfather" post causes a surge.

In a recent post that garnered over 47 million views, Musk shared his meme, tagged "dogecoin godfather," which directly copied the iconic movie adaptation of Mario Puzo's classic novel, The Godfather.

American media believe this is more than just a meme, as many people have attributed different interpretations to it, ranging from political to cryptos. Supporters of the new U.S. government link it to the role Musk is bound to play. On the other hand, crypto enthusiasts see a correlation between the post and dogecoin.

Some supporters believe that the meme directly refers to the U.S. government's efficiency department (D.O.G.E). Notably, Musk has stated that he will implement significant reforms in government and drastically reduce waste among federal agencies.

Therefore, some believe this meme suggests he is ready to start streamlining government activities after taking on a new role next year.

Meanwhile, crypto investors, especially those in the dogecoin ecosystem, view this as one of Musk's promotional posts. Some even speculate that under the supervision of the "doge father," dogecoin could become more prominent as the official token of Twitter (now renamed X).

With Musk's post, dogecoin experienced a surge of over 5%. The market trading volume of dogecoin soared by 35.56%, reaching 9.45 billion usd, indicating a renewed interest in the dog-themed meme coin. Musk's post supported the rebound trend of dogecoin.

Bitcoin rose to 95,000 usd, showing strong momentum, but faces a critical resistance zone as the technical indicators show mixed signals.

In the daily timeframe, bitcoin increased by 5.17% to 93,816 usd, as traders bet that the nasdaq's launch of blackrock's IBIT etf options trading will have a positive impact, with an inflow of 1.46 billion usd.

In terms of short-term price trends, the donchian channel indicates a potential breakthrough of the psychological resistance level at 95,000 usd.

Bitcoin's current price is nearing the channel's upper limit of 93,800 usd, indicating increased buying pressure. A daily closing price above 93,800 usd may strengthen the call momentum and possibly pave the way for a breakthrough of 95,000 usd in the coming days.

On the downside, the decline of the bullish-bearish power (BBP) indicates a slight decrease in spot buying momentum. If bitcoin fails to establish stable support around 90,000 usd, a bearish market may push the 20-day moving average down for a deeper correction around 87,500 usd.