(DAILY NOTION): BTC/USD Bulls Waiting for Next Catalyst, Next Mover: Biden Administration's Policies

Source: Yahoo Finance

The BTC/USD moved up to a high of $37,712. 37 yesterday but has since dipped to $36,294.01. At present time, the price is at $36,465.33 with a Relative Strength Index of 43.

Analyst Anil Panchal from FX Street believes that an upward movement is possible, given the upbeat Moving Average Convergence Divergence (MACD) and RSI. He suggests that buyers should watch the triangle’s resistance at $38,325 for entry before targeting the latest record top near $42,000.

This view is concurred by analyst Naeem Aslam from Investing.com, who also believes that as consolidation happens with BTC/USD, the bulls are simply waiting for a new catalyst before hitting a new all-time high. He opines that as long as BTC/USD’s price trade above the 50, 100, and 200-day SMA, it indicates that the bulls are in control.

While BTC/USD and most of the altcoins have enjoyed a good run in the wake of the pandemic, would this change if Janet Yellen takes her position as the U.S Treasury Secretary? She has long since been vocal about her dismal view of cryptocurrency, and her latest remark at her Senate confirmation hearing yesterday about cryptocurrency being used for illicit financing did not come as a surprise to many. Will this sentiment be reflected in her term, being Joe Biden’s nominee as U.S. Treasury Secretary?

This also leads to a more important question: how will the new Biden administration impact cryptocurrencies? In the nearer term, the first days of Joe Biden in the office could hinder if BTC/USD bulls as the Biden administration looks keen to tackle the economy with a robust stimulus package. A stronger risk-on sentiment will not be good news for BTC/USD.

BTC/USD (as of Jan 20, 2021, 10.20 a.m., GMT +8) - $36,465.33

FOLLOWME BTC/USD User Sentiment (as of Jan 20, 2021 at 10.40 a.m.)

Short – 65.56%

Long – 34.44%