Bitcoin's price movement today has been relatively stable as traders await the upcoming press conference by David Sacks, the AI and crypto czar. The market is on edge due to the ongoing trade tensions between the U.S. and China, which have led to new tariffs and potential inflationary pressures. This geopolitical backdrop has kept Bitcoin hovering around the $100,000 mark, with traders anticipating Sacks' insights on the administration's approach to crypto regulation and potential ETF approvals. The press conference is expected to provide clarity on these issues, which could influence Bitcoin's trajectory in the coming days.
Despite the current market uncertainty, technical indicators suggest a potential bullish breakout for Bitcoin. The cryptocurrency has formed a cup and handle pattern, as well as a bullish flag chart pattern, indicating possible strength. These patterns, combined with Bitcoin's position above the 50-week and 100-week moving averages, suggest that a rebound could be on the horizon. Analysts are eyeing a resistance level at $123,000, which, if reached, could signal further gains for Bitcoin and correlated altcoins like Ethereum and Cardano.
Bitcoin's price has seen a modest increase of 0.08% today, reaching a current price of $97,884.77. The highest price recorded today was $98,828.83, while the lowest was $97,251.81.