Bitcoin (BTC) Struggles to Gain Upside Momentum Following Donald Trump’s Presidential Inauguration

Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, appeared to have fallen short of expectations

Bitcoin (BTC) price seems to be struggling to gain massive upside momentum despite pro-crypto Donald Trump’s presidential inauguration. While a few cryptocurrencies are witnessing price rallies, others appear to be moving sideways or consolidating.

Bitcoin’s Ongoing Consolidation

Bitcoin price is now falling toward the lower boundary of the consolidation. After failing to gain sufficient buying pressure at the resistance level of $108,000, BTC price is now attempting to find support at the lower boundary, which spans between the $100,000 and $92,000 levels.

Bitcoin Technical Analysis and Price Prediction

According to expert technical analysis, BTC appears bearish as it has formed a bearish divergence on the daily time frame. A bearish divergence occurs when the price of an asset makes higher highs, but a technical indicator, such as the Relative Strength Index (RSI), makes lower highs. This divergence indicates that upward momentum is weakening and suggests a potential price decline in the coming days.

Based on the recent price action, if BTC remains below the $108,000 level, there is a strong possibility it could decline by 11% to reach its next support near the $92,000 mark. However, it will be challenging for an asset like BTC to experience a significant price decline, even with a pro-crypto president in office.

BlackRock’s CEO BTC Prediction

On January 22, 2024, BlackRock CEO Larry Fink made a bold prediction that BTC could reach $500,000, $600,000, or even $700,000 in the future, as reported by CoinPedia. This predicted BTC target will only be achieved once it breaks the resistance at $108,000; otherwise, the price is likely to continue consolidating further.

Current Price Momentum

BTC is currently trading near $104,100 with a price decline of over 2.65% in the past 24 hours. During the same period, its trading volume has dropped by 35%, indicating lower participation from traders and investors compared to previous days.