Bitcoin's weekly chart was expected to close below $90,000 for the first time since November 2024, but Donald Trump
Following US President Donald Trump's announcement of a cryptocurrency strategic reserve, prices soared and reversed course over the weekend.
Despite closing February's monthly candle at $84,299, Bitcoin
The index ended the week with a dodge candle at $94,222, retesting resistance at $95,000, with one analyst saying it was a repeat of the 2019 Xi Jinping pump.
Bitcoin market sentiment was sluggish during the long bear market from June to October 2019, but on October 25, 2019,
Prices soared after Chinese President Xi Jinping announced his support for blockchain technology. But China has since tightened its grip on crypto assets and activity,
As a result, it hit a new low within 30 days. Anonymous cryptocurrency analyst Cold Blooded Shiller has drawn parallels between the "Xi Jinping pump" and the current Trump pump.
"Sentiment-based rallies often fizzle out due to lack of strength, and the market quickly reverts to its previous trend," he said.
According to the chart, the similarity between the two periods is that they both retested previous support ranges.
It is expected to retest below $10,000 in 2019 and below $95,000 in 2025. The analyst added that Bitcoin has hit a new low in the past 30 days,
In 2019, traders characterized the pump as a "short squeeze" and said they saw a very good buying opportunity.
2025/03/04 14:41 KST
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