Bitcoin Price Prediction: As Lawrence Summers Calls Trump’s Bitcoin Reserve Plan ”Crazy,” This New PEPE Derivative ICO Surges Past $1.2 Mill...
Release: 2024/12/06 18:24 Reading: 672
Bitcoin Price Drops 3% on Summers' Kritik
In a 24-hour period ending at 3:44 AM EST, Bitcoin's value fell by over 3%, reaching a trading price of $98,661.54. Former US Treasury Secretary Lawrence Summers dismissed President Donald Trump's idea for a strategic Bitcoin reserve as "crazy," contributing to this downward correction.
"Some of what is being said, this idea that we should have some kind of national Bitcoin reserve, is just crazy," Summers remarked during a December 6th interview with Bloomberg TV.
Bitcoin's Volatile Trading
Yesterday, BTC experienced a turbulent trading day, initially reaching an all-time high of $103,583.91. However, the euphoria was short-lived, as BTC underwent a rapid decline below $93k, erasing $200 billion from its market capitalization. It has since rebounded to its current price.
Bitcoin Price Outlook
Technical analysis suggests that BTC could potentially rise above a consolidation channel between $93,362.62 and $99,186.57. If successful, BTC could reach a high of $103,845.17 in the near term. Conversely, if BTC faces rejection at $99,186.57, it could retest support at $93,362.62. A drop below this level may lead to a further decline to $86,839.80.
Technical Indicators Point to Bullish Shift
Despite the recent downward trend, technical indicators suggest that bulls are gaining momentum. The MACD line, which briefly crossed below the MACD Signal line, has started to rise, indicating a potential reversal in bearish momentum. Additionally, the RSI, which was previously below its SMA line, is now rising and narrowing the gap between the two lines, favoring a bullish outlook.
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