Bitcoin attempts to hold recent gains as the US mounts an attack on Venezuela’s capital, Caracas. Traders remain optimistic about the outlook for BTC price action if certain levels hold. Bitcoin faces “geopolitical pressure” at $90,000. Data from TradingView showed BTC price action reversing after highs near $90,940 on Bitstamp.
With traditional markets closed, BTCUSD attempted to preserve some early-year gains ahead of futures returning Sunday. We’re seeing some short-term selling pressure due to the ongoing US action against Venezuela, but I remain bullish in the near term. If this situation doesn’t escalate further, I view the move as a temporary pullback, with a recovery likely soon. Wealthmanager noted that CME Group’s Bitcoin futures market had closed the week above $90,000, potentially providing a new “gap” and corresponding price target to the upside.
There’s a lot of geopolitical tension and next week the big players will return. So we’ll probably see more volatility on Bitcoin after the weekend. Crypto trader, analyst and entrepreneur Michaël van de Poppe, meanwhile, described Bitcoin’s latest move as a “classic” Venezuela reaction, maintaining a bullish outlook. “The direction is clear for January: up we go, as long as Bitcoin remains above the 21-Day MA,” he concluded, referring to the 21-day simple moving average at $87,850.
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