Bitcoin Battles for a New Bull Trend Amid Venezuela Volatility
Bitcoin reached $93,000 amid geopolitical events, but traders are skeptical of a sustained bull trend due to potential downside targets and whale selling.Summary
Bitcoin (BTC) has seen a comeback, hitting $93,000, fueled partly by geopolitical events, particularly concerning Venezuela. However, traders remain cautious, with some predicting a potential sweep below $80,000 to hunt liquidity, referencing historical price action. Technical indicators show a potential bullish signal with a four-hour golden cross nearing, and BTC trading above its 4-hour 200 moving average cloud, though the daily chart remains bearish. Furthermore, weekly moving averages show an unprecedented bullish deviation compared to prior cycles. Market focus is also on Venezuela, as speculation mounts over the country potentially holding a massive, off-the-books Bitcoin reserve intended to bypass sanctions. Macroeconomic factors include upcoming US labor data, which may temper expectations for a Fed rate cut in January. Adding to the skepticism, on-chain data shows significant profit-taking, with large-volume traders sending substantial amounts of BTC to exchanges, indicating potential selling pressure.
(Source：Cointelegraph)