Bitcoin Breaks Through $100,000 Again, But Market Volatility Shows No Signs of Easing
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After experiencing significant pressure from ETF fund outflows, massive sell-offs, and mid-week pullbacks, Bitcoin (BTC) has finally welcomed a strong rebound, climbing back to the $100,000 mark. This rebound occurs against the backdrop of increased Bitcoin buying activity on the Coinbase trading platform, reflecting a restoration of investor confidence.
Bitcoin Price Pullback: A Healthy Reset?
Recently, Bitcoin's price underwent adjustments, briefly falling below $93,000, which is over a 15% decline from its historical peak. Analysts generally believe this pullback is due to the bearish divergence between Bitcoin's price and the Relative Strength Index (RSI). The RSI is often viewed as a precursor to short-term pullbacks. Cryptocurrency trader Captain Faibik points out that this pullback is nearing its end, with the $94,000 range potentially being a key support area for a rebound. Meanwhile, another analyst, Cold Blooded Shiller, believes the pullback could be more significant, with prices possibly dropping further to $85,000.
Trump's Bitcoin Strategic Reserve Proposal: Risks and Opportunities
Amid the tumultuous Bitcoin market, Trump's proposal for a 'National Strategic Bitcoin Reserve' has garnered widespread attention. Trump likens Bitcoin reserves to the U.S. Strategic Petroleum Reserve, with supporters arguing that this proposal could help the U.S. maintain its financial dominance and prevent other countries from using Bitcoin to replace the dollar. However, critics question the feasibility of treating Bitcoin as a national reserve asset, especially considering Bitcoin's high volatility and lack of direct economic utility. Economists warn that if a market collapse occurs, taxpayers could face additional risks.
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