Bitcoin
, the world’s largest digital asset, briefly hit a cool $100,000 after a glorious 3% surge in the past 24 hours. Sadly, the $100K barrier was too strong for the little guy. 😩 Even though BTC briefly flirted with $102,000, it decided to settle for a little less.
What triggered this sudden excitement? Well, it seems the POTUS himself, Donald Trump, is flirting with a sovereign wealth fund. 👀 While it didn’t specifically mention Bitcoin, it’s heavily speculated that the fund might house the US’s Bitcoin holdings. Imagine a world where the US government is officially buying Bitcoin! 🎉
Now, let’s talk about the US Treasury Secretary, Scott Bessent. He’s been playing coy with crypto, but the Commerce Secretary nominee, Howard Lutnick, is a bit more enthusiastic. He’s been a vocal fan of Bitcoin and even called it “crypto gold” on a CNBC podcast last year. Could this be the start of a new era? 🔮
Oh, and we can’t forget Lutnick’s connection to Tether. He’s the CEO of Cantor Fitzgerald, which happens to be the custodian for Tether’s massive government paper holdings. This guy is deep in the crypto world! 🕵️♀️
Bitcoin (BTC) Price Analysis
According to Ali Martinez, a prominent analyst on X (formerly Twitter), the MVRV Momentum indicator has been in negative territory since the year began. This suggests that Bitcoin might be a little bit down in the dumps. 😔 In the past week, it took a 4.31% tumble, but hey, it’s up 129.95% for the year! Not too shabby! 🎉
The MVRV Momentum indicator shows that #Bitcoin $BTC has remained in negative territory since the start of the year, signaling potential weakness in the market!
— Ali (@ali_charts) February 3, 2025
Looking at the chart from TradingView, the Relative Strength Index (RSI) for Bitcoin is reading 45.72. This means the bears are calling the shots. Oh dear, looks like Bitcoin might be about to head for the oversold zone. This could mean a big dip! 📉
And if that wasn’t enough, the Moving Average Convergence/Divergence indicator is also bearish. The MACD line (blue) is cruising above the signal line (red), and the MACD histogram is still red. This all points to a massive surge in sellers. 😱
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2025-02-04 15:20