Ever since Donald Trump won the presidential election, the Bitcoin price and the entire crypto market have been heavily influenced by external factors. The markets rallied, buoyed by positive news from the White House, while plummeting sharply due to stringent steps taken in trade with other countries. Meanwhile, the ongoing manipulation phase has happened previously in the past, which has resulted in a massive explosion. Hence, the BTC price appears to have reached the edge, which could elevate the levels towards a new ATH soon.
The BTC price has been trading within a narrow range, suggesting the bulls could be accumulating strength before the next price action. With a rise above $90,000, the price has seen a momental shift and is expected to trigger a strong bullish trend if it rises above the pivot. Currently, Bitcoin has entered one of the most important ranges ahead of the White House Crypto Summit. Hence, the revelation about the Crypto Statergic Reserve is expected to kick off a strong rally, probably above the psychological barrier at $94,200 initially and later close to $99,000.
The Bitcoin price has remained stuck within a defined price range between the 200-day & 50-day MA, which are acting as strong support and resistance at the moment. Although the price rebounded from the support, the bullish validation has yet to occur, which could take some more time. The BMSB is about to flip to bullish as the levels are heading towards a bullish crossover. However, the RSI remains stuck below the descending trend line, which has been a strong resistance from long. A rise above the line may only validate a change in the trend, and until then, the token may remain consolidated below $93,300.
The next few days are expected to be highly volatile as the upcoming Crypto Summit is hosted by the U.S. President, Donald Trump. Almost all the crypto personalities, including the founders & CEOs of Ripple, Cardano, Ethereum, etc., and many more, are expected to be part of it. Moreover, the president is expected to reveal a Bitcoin Statergic Reserve, which is expected to increase the market volatility. On the other hand, Trump’s World Liberty Financial bought $10 million worth of BTC, ETH, & MOVE, which raises the possibility of a breakout.
Therefore, the Bitcoin price is expected to receive yet another bullish boost soon after the summit that may elevate the levels above the bearish influence.
