The price of Bitcoin surged sharply following President-elect Trump’s victory, climbing from $66,798 on November 4 to $99,800 by Friday. However, over the weekend, the price corrected lower, and this downward momentum continued into Monday and today. The decline has pushed Bitcoin below its 100-hour and 200-hour moving averages, currently at $97,073 and $95,676, respectively. For buyers to regain control in the short term, a decisive move back above these levels is necessary from a technical perspective.
On the downside, Bitcoin has broken below a key swing area between $93,035 and $93,483, reaching another swing area between $91,124 and $91,909. Today’s low of $91,412 fell within this second swing area, offering buyers a glimmer of hope for a potential bottom. If the…
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