3 min readBITCOIN (BTC/USD):
After Trump’s inauguration, Bitcoin appears to remain somewhat confined within a consolidation range just below its previous all-time highs (ATHs). Early yesterday morning, however, it briefly broke above these previous ATHs, reaching a new record high of approximately $109,000.
A closer examination of the technicals reveals that once we broke out of the internal descending trend line, the price action quickly gained upward momentum. This was followed by a textbook short-term retest of the broken trend line before continuing its ascent. At present, there are no clear signs of the price being “oversold.” I’ll be monitoring closely to see if we can maintain this momentum and push into new all-time highs (ATHs).
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