President-elect Donald Trump congratulated the cryptocurrency community on Bitcoin’s BTC/USD new all-time highs on Sunday even as the leading cryptocurrency posted its first weekly decline since his victory last month.
What happened: Addressing a rally at the Turning Point USA event in Phoenix, Trump emphasized how risk-on markets have risen since the election.
“Bitcoin surged to an all-time record high of $108,000. Congratulations,” Trump said amid thunderous applause from the crowd.
See Also: MicroStrategy’s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Interestingly, Trump’s enthusiastic speech coincided with Bitcoin’s first weekly loss since his election triumph, which sparked a record-breaking rally for the top cryptocurrency. At the time of writing, Bitcoin was down over 8% in the last week.
Why It Matters: Several of Bitcoin’s technical indicators painted a bearish outlook as of this writing.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a “Sell” signal, according to TradingView. Additionally, most shorter moving averages projected downsides.
The Relative Strength Index, used to determine if an asset is overbought or oversold, showed a “Neutral” reading.
That said, the percentage of traders placing upside bets on the coin rose above 50%, signaling expectations of a rebound, according to data from Coinglass.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,296.30, down 0.76% in the last 24 hours, according to data from Benzinga Pro.
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