Trump Congratulates Bitcoin Community
President-elect Donald Trump praised the cryptocurrency community on Sunday for Bitcoin’s (CRYPTO: BTC) record-breaking performance, even as the digital asset saw its first weekly drop since his election victory last month.
During a rally at the Turning Point USA event in Phoenix, Trump highlighted the post-election surge in risk-on markets.
“Bitcoin hit an all-time high of $108,000. Congratulations,” he announced, drawing enthusiastic applause from the crowd.
Trump’s energetic speech coincided with Bitcoin’s first weekly drop since his election victory, which had previously ignited a historic rally for the leading cryptocurrency. As of now, Bitcoin is down more than 8% over the past week.
Why This Matters: Bitcoin’s technical indicators are currently signaling a bearish trend.
The Moving Average Convergence Divergence (MACD) indicator, which tracks the relationship between two exponential moving averages, has issued a “Sell” signal, according to TradingView. On top of that, most shorter-term moving averages are pointing toward further declines.
Meanwhile, the Relative Strength Index (RSI), a tool used to assess whether an asset is overbought or oversold, is currently showing a “Neutral” reading.
The number of traders betting on the coin to move higher has climbed past 50%, indicating growing optimism for a rebound, based on data from Coinglass.
As for Bitcoin’s performance, it was trading at $96,296.30 at the time of writing, reflecting a 0.76% drop over the past 24 hours, according to Benzinga Pro.