Bitcoin's price experienced a slight decline due to decreased investor interest in cryptocurrency. Experts also warn of a potential pullback.
Current Bitcoin Price Situation
The Bitcoin price recorded a minor loss in the last 24 hours to trade at $104,311.27 as of 10:03 p.m. EST. This decline follows comments by European Central Bank President Christine Lagarde suggesting that the Czech National Bank is unlikely to adopt reserves based on the largest cryptocurrency by market capitalization.
Technical Analysis: Pullback Warning
An ascending triangle pattern on Bitcoin's 4-hour chart was validated in the last 48 hours, leading to a break above the $102,964.28 resistance level. If the leading crypto closes a 4-hour candle above $105,887.52 in the next 12 hours, it might rise to $108,810.76. However, technical indicators like MACD and RSI show a potential decrease in buyer strength and increased selling pressure, which might cause a price pullback.
Reserve Fund Debate: ECB's View
Christine Lagarde mentioned that the European Council views that reserves for banks need to be 'liquid, secure and safe.' This statement has raised concerns among investors about using Bitcoin as a basis for reserves, potentially impacting recent cryptocurrency price trends.
The current situation surrounding Bitcoin shows complex price changes driven by both market and political factors. Investors should consider these aspects when planning future actions in the cryptocurrency market.
