FXOpen
As shown on the BTC/USD chart, market volatility has significantly increased. Over the weekend, Bitcoin’s price initially fluctuated with minimal movement around $105,000 per coin but was followed by:
→ A sharp drop below the psychological level of $100k, triggering significant liquidations;
→ A surge above $109k – a historical first.
The bullish sentiment may be linked to rumours circulating on Twitter about a leaked inaugural speech by Trump, in which the President-elect is reportedly set to announce the creation of a national Bitcoin reserve.
Technical analysis of the BTC/USD chart indicates:
→ Since Trump’s victory in early November, Bitcoin has been forming an upward trend within a channel (highlighted in blue on the chart);
→ After a period of consolidation, the price aggressively broke into the upper half of this channel (as shown by the arrow).
It is evident that Trump-related news tends to generate strong bullish impulses in the Bitcoin market. Therefore, it is possible that Trump’s inauguration and his decisions post-assumption of office could drive BTC/USD towards the upper boundary of the blue channel, suggesting the potential for a new high around $114k.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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