Bitcoin Price Analysis: Price Action Muted As BTC Consolidates Above $118,000

Bitcoin (BTC) has had a quiet weekend, with the price tethered around $118,000. The flagship cryptocurrency registered a sharp drop on Friday, falling to $117,877, and registered another marginal decline on Saturday. The price has stayed above $118,000, indicating strong support at this level. The current session sees BTC marginally up, trading around $118,035. Macro Drivers Could Dampen Bitcoin Halving Cycle Tim Draper, investor and founding partner of Draper Associates, believes macroeconomic drivers such as the decline of the US Dollar could dampen the impact of Bitcoin halving cycles. Halving cycles have been a major source of the flagship cryptocurrency’s volatility and bull cycles. Draper stated, “Between 10-20 years from now, the dollar will be extinct. The world is changing, and we are watching it happen. We are right in the center of an anthropological leap forward.” Draper believes investors are increasingly treating Bitcoin as an escape valve against fiat currency inflation, geopolitical tensions, poor governance, and a lack of trust in banking institutions. According to Draper, these factors are driving the global adoption of the asset. “The halvings may have less of an effect if Bitcoin runs against the dollar the way it has, because it will probably go for a prolonged period. It will still be affected in some way by that four-year cycle, but I think the effect will dampen. I think there will be a macro driver that pushes Bitcoin along, and I think the macro driver will be a bigger deal than the halvings.” Robert Kiyosaki Discusses Next Bitcoin Purchase Renowned author Robert Kiyosaki has revealed the price point at which he plans to purchase more Bitcoin and the level at which he plans to stop. Kiyosaki’s “Rich Dad Poor Dad” has become a top financial guide, having been translated into dozens of languages and helping millions. Kiyosaki stated, “Bitcoin is over $117K a coin. Going to buy one more bitcoin asap. It’s never been easier to become rich… even a millionaire. Please study, learn, and find out if Bitcoin is your path to becoming a millionaire.” BTC surged past $120,000 at the beginning of the week, on its way to a new all-time high of $123,091. However, Kiyosaki stated that he would pause further purchases. He explained the decision behind it, stating, “Bitcoin over $120K … I am buying one more coin… I will not buy any more… until I know where the economy is going. As tempting as bitcoin going to $200K to $1 million is… I do not want to be a hog and get slaughtered.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has entered a consolidation phase after surging to a new all-time high on Monday. The flagship cryptocurrency crossed $120,000 on Monday, reaching $123,091 before declining. Despite the pause in upward momentum, analysts point out that bulls remain in control, with several positive factors acting as bullish catalysts. Global crypto adoption is increasing, while the passage of key crypto bills, including the GENIUS ACT and the CLARITY Act, offers regulatory clarity to the crypto space. Crypto analyst Darkfrost stated that on-chain analysts reveal that Bitcoin’s bullish trend remains intact. According to the analyst, the current market environment offers a constructive setup, thanks to institutional interest and regulatory clarity. Bitcoin’s growth rate indicator, measured by comparing its Market Cap to its Realized Cap, continues to indicate a bullish setup. The analyst noted that Bitcoin and the crypto market are transitioning from uncertainty to clarity, thanks to a pro-crypto administration. BTC reached an intraday high of $116,393 on Thursday before settling at $116,160, ultimately registering an increase of 3.51%. Buyers retained control on Friday as the price rose 1.51% to cross $116,000 and settle at $116,885. Despite the positive sentiment, BTC lost momentum on Saturday, registering a marginal decline and settling at $116,616. It recovered on Sunday, rising nearly 2% to cross $118,000 and settle at $118,624. BTC raced to a new all-time high on Monday, surging past $120,000 to $123,091. However, it lost momentum after reaching this level and settled at $119,714. Source: TradingView Selling pressure returned on Tuesday as traders locked in their gains. As a result, BTC plunged to an intraday low of $115,701 before settling at $117,682, ultimately dropping 1.70%. BTC recovered on Wednesday, rising nearly 1% to $118,641. The price faced volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC rose 0.39% and settled at $119,901. BTC raced to an intraday high of $120,800 on Friday. However, it could not stay at this level and settled at $117,877, ultimately dropping 1.03%. Price action has been muted over the weekend, with BTC registering a marginal decline on Saturday and a marginal increase during the ongoing session. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Bitzo