BNBUSDBNB (BNB)

Crypto Market: Bitcoin faces technical pressure amid anticipation of Trump's projects

The cryptocurrency market is witnessing a state of notable divergence over the weekend, with the total market capitalization stabilizing at $2.31 trillion as Bitcoin dominance reached 54.3%. Technically, Bitcoin is going through a clear negative phase after breaking below the $63,000 level, with the Relative Strength Index (RSI) sitting at 42.2, indicating weak buying momentum. The price is also currently trading below the 50-day and 200-day Simple Moving Averages, which are at $63,504 and $69,542 respectively, reinforcing the bearish trend in the short term. This pullback was driven by increased liquidation pressure and outflows from investment funds, despite the exceptional performance of some altcoins like KARMA, which achieved astronomical gains exceeding 826%, reflecting a state of extreme selectivity in liquidity allocation within the market. On the economic data and fundamentals front, reports published this week showed weakness in the US economy, as the Consumer Confidence Index (51) and retail sales (-0.6%) came in significantly below expectations, reducing investor risk appetite in light of the slight inverse correlation with the VIX index. However, positive news is emerging that may act as a buffer against major collapses, most notably the World Liberty project associated with Donald Trump receiving preliminary approvals to establish a national credit bank, in addition to the Norwegian Sovereign Wealth Fund increasing its indirect exposure to Bitcoin to record levels. The general news sentiment reflects cautious optimism at 0.14, with Ethereum and Solana standing out with a strong bullish tone compared to the neutrality dominating Bitcoin news, which may pave the way for a recovery in leading altcoins once the market stabilizes.