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$BTC 🛑Bitcoin Consolidates Below 20-Day EMA, Could It See a Deeper Pullback After $94K?
Bitcoin could see short-term corrections until and after President-elect Trump’s inauguration in the US on January 20.
Bitcoin dropped to around $94,000 on January 11 – down over 8.5% over the past five days from a local high of over $102,000 recorded on January 7.
Bitcoin is currently trading below its 20-day exponential moving average (EMA) – a sign that bears are currently in control. The price has also been in a consolidation mode since December 19, 2024.
The Relative Strength Index (RSI) is trending lower and is currently at 45, which is neither overbought nor oversold, but has fallen by more than 20% since January 6.
Industry analysts have warned that Bitcoin and the cryptocurrency markets could suffer a correction around President-elect Trump’s inauguration on January 20, as traders see the news as a sell-off, or failure to deliver on promises of pro-crypto legislation.
