With the 47th US President Donald Trump taking office Bitcoin $102,590.7(BTC) price movements are being followed more carefully. According to the report published by Matrixport on January 21, the largest cryptocurrency has been trading in a wedge formation since November 11. The bullish signals indicated by the formation caused positive expectations in the cryptocurrency market.
How Many Dollars Is Bitcoin? What are the expectations?
matrixportAccording to ‘s analysis, fluctuations in Bitcoin’s price are shaped under the influence of many factors. InflationData showing rising interest rates and the US Federal Reserve’s (Fed) harsh stance on interest rate increases put pressure on the market. However, speculation among investors that Trump could create a “strategic Bitcoin reserve” limited the downward pressure and enabled the price to find support at some point.
price of bitcoin wedge formation After following a horizontal trend, it made an upward break during Trump’s inauguration ceremony. This breakout was perceived as a strong buying signal in the market. According to the report, Bitcoin is currently retesting this critical level. If the price manages to hold above this level, the upcoming uptrend can be maintained in the short term.
biggest cryptocurrency At the time the news was being prepared, it was traded at 102 thousand 208 dollars, with a decrease of 5.34 percent in the last 24 hours.
Technical Indicators and Possible Scenarios for Bitcoin
Matrixport noted that Bitcoin formed a support level near the upper boundary of the wedge formation. This support level is very critical for investors. If it does not fall below this level, the upward movement may accelerate. Such a scenario cryptocurrency marketIt may trigger a new buying wave.
On the other hand, technical indicators also support this expectation. Bitcoin’s recovery since the beginning of 2023 combines with the positive atmosphere in the markets. However, market participants warn that investors should be ready for negative scenarios. Because, negative macroeconomic developments or unexpected news flows may put the price under pressure again.
Bitcoin’s short-term outlook has bullish potential according to technical analysis. However, as uncertainties in the markets continue, it is very important for investors to closely monitor market movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
