Bitcoin Price Volatility Ahead of Trump's Inauguration: What's Next?

Last 24 hours we see Bitcoin sudden turn bearish. What does the chart say?

Technical Analysis:

1. Price Movement: Bitcoin's price dropped by 2.84%, reaching $101,654.38, with a high of $106,422.43 and a low of $100,407.34 in the past 24 hours.
2. Key Moving Averages (EMA):
   • EMA(7): $104,138.26 (short-term trend indicating bearish momentum).
   • EMA(25): $102,554.60 (recently crossed downward by the price, a bearish signal).
   • EMA(99): $98,739.31 (long-term trend still bullish but may act as a support level).
3. RSI (6): At 32.68, the RSI indicates that Bitcoin is nearing oversold territory, suggesting a potential reversal soon.
4. Volume: A notable spike in sell volume coincides with the price drop, signaling strong bearish sentiment.
5. Support and Resistance Levels:
   • Immediate Support: $99,369.41.
   • Resistance: $104,456.84.

Trump's Inauguration and BTC Impact:
With the inauguration of Donald Trump in the next 24 hours, markets may experience heightened volatility due to anticipated shifts in U.S. economic and fiscal policies. Historically, political events like this have caused uncertainty in traditional markets, often leading to increased interest in Bitcoin as a hedge against instability. However, the current downtrend suggests caution for traders as sentiment might shift based on Trump's policy direction and tone during the inauguration.

Conclusion:
Bitcoin is showing short-term bearish signals but remains above critical support levels. The upcoming political event may add volatility, making it vital to monitor support at $99,369.41 closely for potential rebounds.