Bitcoin Price Analysis: $115K Breached Amid Putin-Zelenskyy Meeting

Bitcoin's price has dipped below $115,000, marking a 5% decline from its record high of $124,474 last week. This price movement comes as US President Donald Trump contacts Russian President Vladimir Putin to organize trilateral meetings with Ukrainian President Volodymyr Zelenskyy, potentially paving the way for a settlement in the Russia-Ukraine conflict.¹

Market Reaction

Despite the price drop, treasury businesses like Metaplanet and Strategy continue to accumulate Bitcoin, purchasing 1,185 BTC on Monday. This move indicates their confidence in the cryptocurrency's long-term prospects.

Technical Outlook

Bitcoin's price is currently trading below an ascending trendline formed by connecting multiple lows since early April. If it closes below its 50-day Exponential Moving Average (EMA) at $115,046 and the upward trendline, BTC may fall to $111,980. Conversely, if it finds support around the 50-day EMA and closes above $116,000, it could rebound to its psychological milestone of $120,000.

Expert Predictions

QCP analysts predict sideways trading in the short term, with falls around $112,000 attracting buyers and rallies near $120,000 matching supply until Fed Chair Jerome Powell's speech on Friday. This suggests that market participants are cautious, awaiting further guidance on monetary policy.

Current Market Performance

As of Tuesday, Bitcoin is trading at $115,609.58, with a 0.56% increase in the last 24 hours. The cryptocurrency's market capitalization stands at $2.30 trillion, with a 24-hour trading volume of $72.70 billion.²

Conclusion

The current price movement and market sentiment suggest that Bitcoin is experiencing a period of consolidation. While the trilateral meeting between Trump, Putin, and Zelenskyy may have implications for the global economy, it's essential to monitor the cryptocurrency's technical indicators and market trends for potential future developments.