Tracking Bitcoin Price Changes Following Post-Inauguration Volatility

Bitcoin is a form of digital currency that is used online for transactions. Its value has seen significant fluctuations recently. Before President Donald Trump assumed office, Bitcoin’s price climbed to over $109,000. However, after his speeches did not mention Bitcoin, its price dropped to around $102,800.

Since the November election, Bitcoin’s price has surged nearly 50%. Many believe this increase reflects expectations that Trump’s policies could favor digital currencies like Bitcoin. Still, some indicators suggest a potential decline. For example, patterns in recent price movements hint that a drop could occur.

If Bitcoin’s price decreases, here are key levels to monitor:

• Around $92,000: This was a high point in early November and could serve as a support level if prices fall.
• Around $87,000: This significant level from December might attract buyers.
• Around $74,000: Connected to peaks in March and October 2024, this level aligns with the 200-day moving average, an important indicator of longer-term trends.

If the price increases, these levels are worth noting:

• Around $106,000: Bitcoin has struggled to sustain this level since mid-December.
• Around $120,000: Based on historical trends, this could be a point where some traders choose to sell.

Monitoring these levels offers insight into Bitcoin’s market behavior. As always, it’s crucial to stay cautious, as the crypto market is highly unpredictable.

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