📢 Trump congratulates the Bitcoin community for setting a historical high, while at the same time, Top Crypto experiences its first weekly loss since his election

President Donald Trump congratulated the cryptocurrency community on Sunday at the Turning Point USA event in Phoenix, as Bitcoin reached a historical high of $108,000.

Nevertheless, Bitcoin has experienced its first weekly decline since Trump’s victory last month.

In his rally speech, Trump emphasized the rising risk appetite in the markets since the election and congratulated the Bitcoin community for reaching a historical high.

Interestingly, Trump's enthusiastic speech coincided with Bitcoin's first weekly loss since the election victory.

According to TradingView data, the moving average convergence divergence indicator comparing two price moving averages flashed a 'sell' signal.

Several technical indicators for Bitcoin depict a bearish outlook. The relative strength index shows a 'neutral' reading, and most shorter moving averages are expected to have downward potential.