Market Analysis by Investing.com (Damian Nowiszewski) covering: Bitcoin US Dollar, Bitcoin, Ethereum US Dollar. Read Investing.com (Damian Nowiszewski)'s Market Analysis on Investing.com
Bitcoin ’s meteoric rise is fueled by market optimism, pushing it closer to $100k.Technical signals suggest Bitcoin could face a pullback before testing the $100k barrier.
Investors are pinning their hopes on the new administration's potential to support the cryptocurrency industry, with some even predicting that Bitcoin could become part of the U.S. strategic foreign exchange reserves. With Bitcoin’s market capitalization surpassing $1.7 trillion and daily trading volumes nearly doubling to over $90 billion, the appetite for the cryptocurrency is clearly growing.
If investors start taking profits, we could see a deeper pullback—but this wouldn’t alter Bitcoin’s long-term trajectory.Bitcoin’s price action has hit a key juncture. The $90,000 region is showing signs of a double-top formation, suggesting that a short-term correction could be in the cards.
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