Bitcoin's price movement today reflects a mix of anticipation and caution as the market digests recent developments. The cryptocurrency initially surged past $105,000, driven by excitement over the incoming pro-crypto Trump administration and strong inflows into Bitcoin ETFs. However, the momentum has been tempered by technical resistance and profit-taking, as traders remain cautious about potential reversals. "Now $108,000 is near term target resistance," said Alex Thorn, head of research at Galaxy, highlighting the market's focus on breaking key levels to sustain the bullish trend.
Despite the initial rally, Bitcoin's price has faced downward pressure as it struggles to maintain its gains. The market's cautious sentiment is further underscored by Matrixport's analysis, which points to expanding lower Bollinger Bands and a declining Greed & Fear Index, suggesting potential downside risks. Additionally, the broader market's reaction to Trump's upcoming inauguration and potential crypto-friendly policies remains a key factor influencing Bitcoin's trajectory.
Bitcoin's price has decreased by 1.32% today, settling at $102,741.47 after reaching a high of $104,628.77.