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$BTC 🛑Bitcoin Consolidates Below 20-Day EMA, Could It See a Deeper Pullback After $94K?
Bitcoin could see short-term corrections until and after President-elect Trump’s inauguration in the US on January 20.
Bitcoin dropped to around $94,000 on January 11 – down over 8.5% over the past five days from a local high of over $102,000 recorded on January 7.
Bitcoin is currently trading below its 20-day exponential moving average (EMA) – a sign that bears are currently in control. The price has also been in a consolidation mode since December 19, 2024.
$BNB
The Relative Strength Index (RSI) is trending lower and is currently at 45, which is neither overbought nor oversold, but has fallen by more than 20% since January 6.
Industry analysts have warned that Bitcoin and the cryptocurrency markets could suffer a correction around President-elect Trump’s inauguration on January 20, as traders see the news as a sell-off, or failure to deliver on promises of pro-crypto legislation.