Bitcoin price tests 25-day EMA as Robert Kiyosaki says to defend against Marxist leaders by saving BTC
- Bitcoin price was rejected from the midline of the supply barrier at $36,788.
- BTC could extend a leg lower to test the $30,000 psychological level if the 25-day EMA gives way at $35,525.
- The bearish thesis will be invalidated once the king of cryptocurrency breaks and closes above the $37,972 resistance level.
Bitcoin (BTC) price is testing the 25-day Exponential Moving Average, providing support at $35,525. This moving average is critical, as losing it could clear the clog for the price to head lower. Meanwhile, amidst the turmoil in the market, Rich Dad Poor Dad author and renowned investor Robert Kiyosaki urges the crypto community to defend against Marxist leaders by saving Bitcoin.
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Defend against Marxist leaders by saving Bitcoin, Robert Kiyosaki
Robert Kiyosaki has urged traders and investors to defend against Marxist leaders by saving Bitcoin. He explains that Marxists raise prices, which leads to inflation, while the true capitalists bring prices down causing deflation.
Kiyosaki therefore concludes that the fact that there is inflation right now means that the current leaders are Marxists. In this regard, he encourages people to protect themselves from the Marxist leaders by saving Gold, Silver, or Bitcoin instead of dollars.
TRUE CAPITALISTS bring prices down causing DEFLATION. MARXISTS raise prices causing INFLATION. Our leaders are Marxists which is why we have inflation. Protect yourself from our Marxist leaders. Save Gold, Silver, Bitcoin not dollars.
— Robert Kiyosaki (@theRealKiyosaki) November 22, 2023
Bitcoin price finds strength, looks for another go at $37,788
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Bitcoin (BTC) price remains bullish despite a general weakness lurking. It sits atop the confluence support between the horizontal line and the 25-day Exponential Moving Average (EMA) at $35,525. Unless this support level holds, the king of cryptocurrency could extend lower.
The overall trajectory of the Relative Strength Index (RSI) is southbound, which combined with the red histogram bars of the Awesome Oscillator suggests buyer momentum is waning even as the bears continue to increase their presence in the BTC market.
Increased seller momentum could see Bitcoin price drop to test the $34,000 psychological level, or lower to the 50-day EMA at $33,523. In a worse case, the slump could expand, sending the people’s crypto to the supply zone turned bullish breaker ranging from $30,126 to $31,524.
For a confirmed move south below this level, the Bitcoin price must slip through the 100-day EMA at $31,353 and close below it. This could clear the path for a leg lower to $30,824, or worse, the 200-day EMA at $30,126. This path could dump BTC to the forecasted $30,000 psychological level.
BTC/USDT 1-day chart
On the other hand, resurgence by the bulls could see Bitcoin price restore price action back above the mean threshold at $36,788 or higher, freeing the supply zone’s grasp above its upper boundary at $37,301.
For Bitcoin price to confirm the continuation of the move north, however, it must break and close above the $37,972 resistance level, with the potential to reclaim the range high at $37,980. In a highly bullish case, the price could leap higher to tag $40,000, a level last tested in May 2022 before the collapse of the Terra UST ecosystem.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
