Bitcoin price forecast: BTC is hovering around $95,000 as Trump hints at mixed signals in the economy and trade deals:
The price of Bitcoin is hovering around $95,000 on Monday after a drop of nearly 3% over the weekend.
President Trump acknowledged the possibility of a recession but intends to announce at least one trade deal this week, according to the Wall Street Journal.
Blockchain data shows that BTC holders are realizing profits, increasing downward pressure on the price.
Bitcoin (BTC) price is hovering around $95,000 at the time of writing on Monday after a nearly 3% drop over the weekend. U.S. President Donald Trump acknowledged the possibility of a recession but plans to announce at least one trade deal this week, according to the Wall Street Journal. Blockchain data shows that BTC holders are realizing profits, increasing downward pressure on the price.
The technical forecast for Bitcoin indicates bearish divergence in the short term.
The price dynamics of Bitcoin on the 4-hour chart show weakness in the relative strength index (RSI) momentum indicator. A higher peak in BTC price formed on Friday does not reflect a lower peak in RSI for the same period. This development is called bearish divergence, which often leads to a trend reversal or short-term correction. Furthermore, the Awesome Oscillator indicator also fell below its neutral zero on Sunday, indicating a bearish trend ahead.
If BTC continues its decline, it may extend the drop for a retest of the next support level in about 4 hours at approximately $92,580.
Looking at the daily chart, the price of Bitcoin retested and was rejected around its daily resistance level at $97,700 on Friday. It then declined by nearly 3% over the next two days. At the time of writing on Monday, BTC is trading around $95,000.
If BTC continues to correct, it may extend the decline to test the next key support level at $90,000.
Looking at the daily chart, the price of Bitcoin tested and was rejected around its daily resistance level at $97,700 on Friday. It then declined by nearly 3% over the next two days. At the time of writing on Monday, BTC is trading at about $95,000.
If BTC continues to correct, it may extend the decline to retest the next key support level at $90,000.
However, if BTC recovers and breaks its daily resistance level of $97,700, it may lead to further gains and a retest of its psychological resistance at $100,000.
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