Bitcoin price dipped slightly on Thursday after a 4% rally triggered by the US Consumer Price Index (CPI) release. Traders remain focused on upcoming US Retail Sales data for December and the potential impact of Donald Trump's inauguration on Bitcoin's volatility.
Bitcoin price edged slightly lower on Thursday, trading around $99,200, following a 4% rally the previous day after the US Consumer Price Index ( CPI ) release on Wednesday. Although BTC prices saw an increase, traders are keeping an eye on US Retail Sales data for December, slated for release on Thursday, as it could contribute to increased volatility in the Bitcoin price.
A K33 report suggests that the sentiment around selling Bitcoin at the US President-elect Donald Trump's inauguration is waning. The report highlights the shift from the initial market enthusiasm seen in November and mid-December to a more conservative and cautious approach. It draws comparisons between the current market dynamics and those observed in 2016 following Trump's first election victory. The report emphasizes that while the S&P 500 initially mirrored its 2016 performance, it diverged afterward, stabilizing at mid-December highs with low volatility until the inauguration and then experiencing an extended yearlong uptrend during Trump's first term. K33 suggests that this pattern could repeat itself in 2024, with the potential for a bullish trend driven by Trump's policies, including tax cuts, deregulation, and trade deals. The report concludes that, while the monthly outlook initially favored selling Bitcoin at the inauguration, this strategy is becoming less appealing unless there is a significant resurgence in momentum over the next six days. De-risking would be contingent on next week's price action, and the long-term bullish expectations for Trump's impact on Bitcoin remain intact. Jag Kooner, Head of Derivatives at Bitfinex, echoed this sentiment, stating that markets often experience heightened volatility around major political events, and Trump's inauguration could trigger short-term price fluctuations for Bitcoin. He also noted that historically, markets tend to trend upwards within a 1-3 month horizon following Presidential inaugurations. Bitcoin's price reclaimed its $100,000 mark and closed at $100,497 on Wednesday. However, it dipped slightly on Thursday, trading around $99,200 at the time of writing. If the upward momentum continues and support holds around $100,000, BTC could potentially extend the rally to retest its all-time high of $108,353, set on December 17, 2024. The daily chart's Relative Strength Index reading of 55, above its neutral level of 50, indicates a strengthening bullish trend
BITCOIN CPI RETAIL SALES TRUMP INAUGURATION VOLATILITY K33 REPORT
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