- Bitcoin is trading above the $97,000 price level, with less than a 1% drop in the last 24 hours.
- The increased RSI divergence indicates a weakening BTC price momentum.
Bitcoin is witnessing price fluctuations and is struggling to keep pace with its previous price ranges. Its price is trading close to the $98,000 price level, with less than 1% drop in the last 24 hours. The price drop triggered by uncertain global macroeconomic conditions hasn’t fully recovered yet.
As per the recent Matrixport report, the BTC price shows a notable divergence from its RSI market indicator. The consolidating RSI indicates a weakening momentum of Bitcoin. And, the report further says that BTC offered buying opportunities when RSI dropped nearly to 40%.
Since the present RSI has only dropped to around 48%, this might not yet be the best time to enter long positions. The Matrixport report suggests investors to be patient and wait for an optimal entry point into the BTC market. This implies we might witness the BTC price to drop in the coming few hours.
Bitcoin is trading at $97,923 at press time with no significant ups or downs in the last 24 hours. While its market cap is $1.94 trillion, 24-hour trading volume dropped by 20% and it is hovering around $64,6 billion.
Bitcoin Struggles to Get Back Up Amidst Global Uncertainty
With the new Trump administration in the US, crypto is about to face a huge shift in the coming months. The crypto community is awaiting a friendly regulatory framework and a potential Bitcoin reserve as promised by Donald Trump.
However, the recently signed crypto executive order stated that the Presidential Working Group will be evaluating the creation of a Bitcoin strategic reserve. The term “evaluation” is causing uncertainty for the crypto proponents. Commenting on the same, macro strategist Jim Bianco posted on X stating,
However, Crypto & AI Czar David Sacks said that evaluating a BTC reserve is one of their top priorities, in his latest interview with CNBC. He even called Bitcoin an excellent store of value, reminding it’s the first and original digital currency. Nonetheless, it is worth waiting and watching what happens to the BTC price next.
