$30,000 Proves to Be Too Much for the Bulls. Where to from Here?
Bitcoin’s new best friend might be the United States’ next President. Robert F. Kennedy Jr., son of Robert Kennedy and nephew of late President John F. Kennedy officially announced he will be running for President in 2024.
He is planning to run for the Democratic nomination in the 2024 Presidential run, so there is still a long way to go. If he manages to win the nomination, he will go head to head with current President, Joe Biden.
Kennedy’s support for Bitcoin is well documented. The 69-year-old environmental lawyer claimed that BTC may offer an “escape route” for people, a way to avoid the financial turmoil caused by the Fed. He also vowed to end corruption and the “corporate feudalism” that’s plaguing the U.S. economy.
Recently, RFK Jr. criticized the Fed for printing large amounts of money, which in his view is detrimental to the economy in the long run. On the other hand, Bitcoin could be the escape pod that Americans need. According to RFK Jr. “Cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts. So the White House is colluding with the banksters to keep us all trapped in the bubble of profiteering and control.”
Just remember that his run for candidacy is in its early stages but if he manages to become the next U.S. President, he will join the likes of El Salvador’s Bukele as a pro-crypto political leader.
Chart Analysis – BTC/USD
After lingering for a few days above $30,000, Bitcoin succumbed to the pressure of the bears and crumbled to $28,100 where it is currently trading. The pair was showing bearish divergence, with the RSI right at the overbought border and strong resistance in front of rising prices. Thus, the current drop is not exactly surprising.
The recent drop broke the bullish trend line seen on the chart, as well as the middle line of the Bollinger Bands. These are signs that the bearish momentum may increase and the pair could continue further down.
However let’s not forget that Bitcoin is currently in an uptrend, at least since the beginning of 2023. That’s why buying the dip may be a good strategy. But on the other hand, how deep should the dip be? There is some minor support around $27,700 – $27,500, followed by the lower Bollinger band and the 50-day Moving Average. If the drop extends towards the latter, that would be a potential buy point.