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BTC/USD outlook: Bitcoin eases but overall picture remains bullish above 90K and keeps

BTC/USD outlook: Bitcoin eases but overall picture remains bullish above 90K and keeps
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin price fell 2.6% in Asian/European trading on Monday, after the dollar received fresh boost from the latest comments from Donald Trump.

Although today’s dip was the biggest in one week, the price so far stays above significant 95K support (psychological/floor of congestion that extends into fifth consecutive day) keeping near-term bias with bulls.

Bitcoin hit new record high at 99800 vs dollar recently that increased pressure on magical 100K barrier, but expected strong headwinds at this zone, pushed the price lower, to hold in prolonged consolidation within 90K/100K range.

This was seen as logical reaction on recent strong post-US election rally, with crypto market being well supported by expected measures from pro-crypto Trump’s administration, but awaiting policies that Trump promised during the campaign, to be implemented that would provide fresh and significant support to bitcoin.

Near-term action shown bitcoin in defensive, but overall, in sideways mode and awaiting fresh direction signals.

Larger bulls to remain intact above 90K, with markets focusing on economic data (US Nov labor report is in focus) and political/geopolitical news.

Res: 95935; 98280; 98800; 99032.
Sup: 95000; 94199; 91501; 90000.

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Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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