March 04, 2025 at 04:41AM
I don’t want to say it but it is hard not to. Is this one of the biggest rug pulls in the crypto history?
I think a lot of investors are starting to lose confidence again in a game that was already so easy to rig even before all of this. But with the crypto president at the helm now, it’s pretty much the wild, wild west again. Adding to that is the level of grift we’re seeing since he took office, not least with his memecoins previously. And all of this will go unpunished, unfortunately.
For some context: A US$195mn buy order was placed & filled on BTC, ETH before Trump’s announcement
Now that we’ve gotten that out of the way, let’s see what the chart has to say.
In the case of Bitcoin, it’s another big, big moment as we move to test the 200-day moving average (blue line) again. The dip last week also briefly took out the $80,000 mark but dip buyers managed to claw their way back somehow.
So, once again this puts another test of the key level on the agenda this week alongside the $80,000 mark again. Those will be the major points to watch from a technical perspective.
But fundamentally speaking, I feel that there is a struggle for confidence at the moment. The latest pump and dump doesn’t inspire optimism whatsoever and the charts are definitely indicating that as well.
As US stocks are also being hit hard, particularly tech shares, there is scope for a deeper and sharper correction on the cards. The risk mood at the moment is looking rather fragile. It’s high tide now in markets and that’s a challenge for dip buyers to want to test out the waters.
This article was written by Justin Low at www.forexlive.com.
