The price of Bitcoin has recovered partially from the losses it experienced last week when a strong jobs report pushed crypto assets lower amid worries that a robust economy could deter the Federal Reserve from performing additional interest rate cuts.
However, a cooler-than-expected inflation report this week managed to propel its price once again above $100,000 – even though just for a moment.
On Wednesday, the Bureau of Labor Statistics (BLS) came out with an annualized increase of 3.2% in the consumer price index (CPI). This figure slightly missed analysts’ estimates of 3.3% for the period.
The report was sufficient to propel a spike in crypto prices as better-than-expected inflationary figures increase the odds that the Fed could lose its stance on interest rates.
Now, all eyes are set on Donald Trump’s inaugural speech as the first pro-crypto President is getting ready to take over the country’s reins.
Just today, a piece from the New York Post cited anonymous sources indicating that Trump seriously considered establishing a Bitcoin strategic reserve. However, instead of BTC, he would be considering Solana (SOL), USDC, and USDT.
Even though the cryptocurrency invented by Satoshi Nakamoto may not make that list, that kind of support from the current administration for the crypto industry will still make a positive case for BTC and could increase mainstream adoption in the near term.
BTC is on a Downtrend, but This Bullish Pattern Has Also Formed Along the Way
BTC has been posting three consecutive lower highs since mid-December. This is enough evidence to state that the cryptocurrency is on a downtrend, although sellers have also encountered strong support at the $90,000 level.
A retreat at this point would possibly catalyze another drop to those levels but the market will not make any radical decisions before Trump’s inauguration speech. For now, it is safe to say that the $90,000 should hold any upcoming pullbacks.
However, the most important level to watch would be the $100,000 resistance. Another failed attempt to break this barrier could spur a dramatic correction for the digital asset, as buyers’ weakness would be evident.
Meanwhile, the big picture (Bitcoin’s 1-day chart) shows that a bullish pattern called the pennant has formed as a result of BTC’s November-December uptrend and its latest drop.
This is a continuation pattern where the pennant’s body is just a brief pause that market participants and buyers take before they pump up the asset’s price once again with the help of one or more positive catalysts.
This reemphasizes the importance of the $100,000 level, as a break above would confirm this pattern and its (huge) upside potential.
This Meme Coin Presale Has Investors All Excited as it Merges Two Major Crypto Trends
AI agents are a hot and growing segment in the crypto space these days amid the popularity of tokens like AIXBT and VIRTUAL. However, these have probably exhausted most of their upside potential.
Mind of Pepe ($MIND) comes to merge two robust trends that could perform positively this year – AI agents and meme coins. Investors excitement this project’s value proposition is reflected by the fact that the token has raised $1.6 million during its presale event, which was launched just 3 days ago.
Mind of Pepe is an AI agent that capitalizes on social media trends and builds robust communities that can be monetized by launching tokens that capture the public’s interest.
The $MIND token will be available for a limited time during this meme coin presale event at a discounted price of $0.0031384. This price will increase in less than 48 hours to reward early backers so don’t waste any time to be one of the first to invest in Mind of Pepe.
To buy $MIND, simply head to the Mind of Pepe website and connect your wallet. You can complete your purchase by swapping USDT, ETH, or BNB, or by using a bank card.
Mind of Pepe ($MIND) could be one of the best-performing meme coin presales of the year and you don’t want to miss it.
