Bitcoin (BTC) hovered around $105,000 on January 24 as crypto markets remained uncertain following U.S. President Donald Trump’s executive order to explore a national digital asset stockpile. Despite expectations of a bullish response, the market’s reaction has been lackluster, with BTC failing to retest recent highs and altcoins showing minimal movement.Trump Administration's Crypto Policy Shift: A Game Changer?The executive order aims to evaluate the potential creation of a national crypto reserve, a move that could significantly impact the industry. Additionally, the administration repealed the controversial SEC Staff Accounting Bulletin (SAB) 121, which previously restricted U.S. banks from offering crypto custody services.Senator Cynthia Lummis, a pro-Bitcoin advocate, called the repeal a "thrilling" move to get the SEC back on track with its intended regulatory mission. However, market participants remain cautious, unsure of the administration's next steps regarding Bitcoin and other digital assets.Market Reaction: Confusion and HesitationDespite the positive regulatory developments, crypto traders and analysts expressed confusion over the lack of price action. Bitcoin's price remains in a consolidation phase, with key resistance at $106,000 and support around $102,000.Crypto trader Scott Melker, known as "The Wolf of All Streets," remarked that the market appears “utterly confused,” struggling to interpret the full impact of Trump's policy shifts.Meanwhile, prediction platform Polymarket shows the odds of Trump establishing a Bitcoin reserve within his first 100 days have dropped to 21%, reflecting skepticism among investors.Analyst Outlook: Cautious Optimism Amid ConsolidationDespite the uncertainty, analysts remain cautiously optimistic. Crypto market strategist Skew highlighted a "well-defined consolidation" pattern, suggesting Bitcoin could break out if it maintains its position above key levels.Trader Crypto Tony echoed similar sentiments, stating that a push above $106,000 could trigger bullish momentum, with an upside target of $122,000 in the short term.While the Trump administration's pro-crypto stance represents a significant shift from previous policies, the market remains in a wait-and-see mode, digesting the broader implications. Investors and traders will closely monitor upcoming developments and regulatory clarity before making significant moves.