Bitcoin is currently trading near $91,000, influenced by Vanguard's ETF inflows. The weekly sentiment for Bitcoin will crystallize based on today’s ETF inflows. Other major cryptocurrencies like ADA Coin, which faced severe sell-offs, are seeing a more than 10% increase this morning. Those targeting $50,000 for BTC remain disappointed for now.
Cryptocurrencies Hit the Bottom
Historical data suggests that the recent upward trend has ended, as evidenced by the past 7-8 weeks of declines. Analysts are feeling a bittersweet pride over this, yet for investors, this pride is painful. The OnChainMind analyst, Tamka, highlights the Velocity RSI signal as a noteworthy indicator when citing historical data.
“The Velocity RSI on the 3-day chart has reached its lowest point since the depths of the last three bear markets,” states OnChainMind. He emphasizes that this is one of the most reliable and commonly monitored momentum exhaustion indicators and currently shows a level seen only during significant cyclical resets.
Following the bear markets of 2018, the indication now in 2022 signals that the downtrend has ceased. Although no one can see the future and historical data doesn’t necessarily repeat, investors focused solely on the aspects of historical data pointing to a continued decline need to acknowledge this new signal.
Trump’s Statements
While preparing this article, U.S. President Donald Trump shared that although BTC is over $90,000, it is not yet heading towards the $93,000 resistance. ETF flow figures are expected later today, and if Vanguard makes the anticipated impact, the Asian market opening could see further increases.
Trump announced that he would reveal the Federal Reserve Chair’s identity at the beginning of 2026. This announcement disappoints many who expected to learn this before Christmas. Chair Powell is set to leave in May, but a possible early departure could significantly benefit the cryptocurrency space.
“The new Fed Chair will be announced at the start of next year. Even Dimon urges Powell to lower rates,” says Trump. He adds that Bessent does not desire the Fed role, signaling expected challenges in health services and commitments to tariff repayments.
Nothing particularly new surfaced besides previous promises of $2,000 payments to beneficiaries from tariff revenues by mid-next year. Interestingly, Trump’s absence of misleading remarks about BTC alone is a welcome change.