Bitcoin Drops Below $90,000 Amid US Military Action in Venezuela
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Market Reaction: Bitcoin's price dropped sharply below $90,000 following US airstrikes in Venezuela, facing geopolitical pressure despite a 5% gain since Christmas, indicating a volatile market environment.
- Trader Optimism: Analyst @Wealthmanager remains bullish, suggesting that as long as Bitcoin stays above the 21-day moving average, it could rebound to a target range of $96,000 to $100,000 in the coming weeks, despite short-term selling pressure.
- Gold Performance Comparison: Following gold's peak at $4,551 per ounce, Bitcoin's relatively strong performance suggests a potential rotation of funds from gold to Bitcoin, indicating a shift in market dynamics.
- Future Volatility Expectations: Analysts predict increased volatility for Bitcoin as traditional financial markets reopen, especially given ongoing geopolitical tensions, which could further impact market sentiment and price movements.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
