Bitcoin soars as economic vibes leave Americans uneasy

In December 2024, President-elect Donald Trump addressed a rally at the Turning Point USA event in Phoenix, USA, where he congratulated the cryptocurrency community on Bitcoin reaching an all-time high of $108,000. This occurred despite Bitcoin experiencing its first weekly decline since Trump's election victory the previous month. The annual atmosphere surrounding Bitcoin was characterized by extreme volatility; after surging to unprecedented heights within a short period, it was observed that Bitcoin had suffered an 8% drop in value over the past week. Various technical indicators suggested potential bearish trends for Bitcoin during this time. The Moving Average Convergence Divergence (MACD) indicator, which analyzes price movements, issued a “Sell” signal according to TradingView data. Additionally, numerous shorter moving averages indicated a downward trajectory. The Relative Strength Index, which measures the speed and change of price movements, showed a “Neutral” reading, highlighting indecisiveness among market participants. Market sentiments revealed a mixed outlook as more than 50% of traders began to place bets on a price rebound for Bitcoin, indicating growing optimism despite the recent price drop. This sense of anticipation reflected a broader trend in the cryptocurrency markets, where traders often react quickly to both bullish and bearish signals, leading to rapid shifts in sentiment and momentum. Even in the face of these indicators, Trump’s enthusiastic acknowledgment of Bitcoin’s milestones at the rally resonated powerfully, emphasizing the continuing popularity and media attention surrounding cryptocurrencies. Bitcoin's journey in 2024 was emblematic of the larger economic landscape, wherein the U.S. economy demonstrated strengths in terms of inflation rates and employment levels. However, perceived emotional responses, or