Bitcoin Price Holds Above $100k. For Now?
In our previous analysis of the BTC/USD chart, we highlighted the increasing volatility in the cryptocurrency market leading up to Trumps inauguration.
Today, the BTC/USD chart shows that the presidential inauguration triggered a peak in the ATR indicator, reflecting heightened market activity amid the launch of $TRUMP and $MELANIA memecoins. Crypto enthusiasts closely followed mentions of cryptocurrencies in Trumps speech.
The last time the market was this volatile was in May 2022, when Bitcoin's price plummeted following news of the collapse of the TerraUSD (UST) stablecoin and its associated LUNA token.
What could this current spike in activity signify?
Such an active and broad market creates opportunities for significant capital to adjust portfoliosperhaps locking in profits from long positions and opening short positions.
Technical analysis of the BTC/USD chart reveals that:
Bitcoins price movements since Trumps victory in early November have established an upward trend, forming a channel (marked in blue on the chart).
As of today, the price has rebounded from the lower boundary of this channel, and the bearish break below the psychological $100k level proved to be false.
However, what if significant players have insights into upcoming events that could have a bearish impact on the Bitcoin market? If such events occur, they may drive the price below $100k and lead to an attempt to break the channels lower boundary.
Read more: https://fxopen.com/blog/en/oa-bitcoin-price-holds-above-100k-for-now/
Text source: Forex Trading Blog
