Trump's Omission of Bitcoin Triggers Selloff

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

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Market Reaction: Trump's omission of Bitcoin in his State of the Union address led to a roughly 1.5% drop in Bitcoin prices within hours, validating Peter Schiff's selloff warning and highlighting the market's sensitivity to presidential remarks.
Schiff's Prediction: Peter Schiff had predicted that if Trump did not mention Bitcoin, selling pressure would ensue, and he argued that even if Bitcoin was mentioned, a decline would still be expected, indicating that market expectations were already priced in.
Short-term Volatility: The address covered topics such as tariff policy and tax cuts but did not mention cryptocurrencies, resulting in short-term fluctuations in the Bitcoin market, reflecting investor disappointment and the impact of unmet expectations.
Bubble Commentary: Schiff described Bitcoin's multi-year price increase as a bursting bubble on social media, suggesting that the cryptocurrency's price could fall significantly, which exacerbates concerns about Bitcoin's future trajectory.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	55190.327	58850.303	62668.877	66328.853	70147.427	73807.403	77625.977
Fibonacci	58850.303	61707.109	63472.047	66328.853	69185.659	70950.597	73807.403

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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