The elected president of the United States, donald trumpcongratulated the Cryptocurrency community on the new all-time highs of Bitcoin (CRYPTO: BTC) on Sunday, even as the world’s top cryptocurrency posted its first weekly decline since its victory last month.
What happened
During a rally at the event Turning Point USA In Phoenix, Trump highlighted how risk-averse markets have risen since the election.
“Bitcoin has risen to a new all-time high of $108,000. “Congratulations,” Trump said to loud applause from the crowd.
Interestingly, Trump’s enthusiasm in his speech coincided with Bitcoin’s first weekly drop since his election win, which triggered an unprecedented rally for the leading cryptocurrency. At the time of writing, BTC was down over 8% in the last week.
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Why is it important
At press time, several Bitcoin technical indicators painted a negative picture.
The Moving Average Convergence Divergence (MACD) indicator, which compares two exponential moving averages of prices, showed a “sell” signal, according to TradingView. Additionally, most of the shorter moving averages projected pullbacks.
The Relative Strength Index (RSI), used to determine whether an asset is oversold or overbought, showed a “neutral” reading.
That said, the percentage of traders placing bullish trades on the cryptocurrency has risen above 50%, indicating that they expect a rebound, according to data from Coinglass.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $96,296.30, down 0.76% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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