#btc$BTC
Bitcoin, which has been on a steady rise throughout the year, has seen its performance decline as the year comes to a close.
Bitcoin is trading between $94.5K and $95.4K, according to CoinMarketCap, about $14,000 below its record high on Dec. 17.
The digital currency has also reached its 50-day moving average, a sign that some analysts are wary of.
Fairlead Strategies technical analyst Katie Stockton said that testing this average calls for a more neutral stance amid a period of consolidation for Bitcoin, according to Bloomberg. The impact of economic expectations and US policies
Bitcoin’s decline reflects expectations that the pace of interest rate cuts by the Federal Reserve will slow in 2025.
This slowdown has reduced speculation sparked by President-elect Donald Trump’s promises to ease regulatory restrictions on the cryptocurrency market.
Trump also expressed his support for the idea of creating a “national reserve for Bitcoin.”
In another development that reinforces the supportive trend for cryptocurrencies, Senator-elect Bernie Moreno, known for his pro-cryptocurrency leanings, was selected to the Senate Banking Committee.
The digital assets sector is expected to flourish under the incoming Trump administration, which includes many advocates of cryptocurrencies.