$AUCTION recovers from $11 support, aiming for $25 on strong volume and $BTC bullish momentum. Observing $BTC dominance assists traders in navigating market movements and refining entry to maximise gains as it capitalises on its surge.
#MarketNewHype Bitcoin (BTC) price retreats on Monday after reaching a new all-time high (ATH) of $106,648 in the early Asian session. The main factor impacting BTC price this week is likely to be the decision of the US Federal Reserve (Fed) on interest rates on Wednesday. The US central bank is expected to slash rates (a positive for risk assets such as BTC) but also signal fewer-than-previously-anticipated cuts for 2025.
The recent rally to a new ATH has been supported by continued strong inflows to the US Bitcoin Spot Exchange Traded Funds (EFTs) of $2.17 billion last week. Still, traders should remain cautious as technical indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) show early bearish divergence, suggesting that bullish momentum is weakening.