Despite increased bullish price sentiment in the altcoin market, the BTC price continues struggling around its $96,000 level. With this, the dominance of the largest crypto token by market cap has reduced to 54.38%, the lowest in 4 months.
In this article, we have covered the latest Bitcoin price analysis and mentioned the possible short-term price prospects.
The Bitcoin price has experienced a consolidated price action for about a week now, highlighting a decline in the buying-and-selling pressure. Moreover, with a trading value of $96,139.92, it has a market capitalization of $1.902 billion.
The Simple Moving Average (SMA) acts as a support to the BTC price chart in the daily time frame, indicating a strong bullish influence for the star crypto in the market.
Further, the Relative Strength Index (RSI) continues hovering close to the overbought range. However, with its average trendline showing a descending trend, the BTC price hints at a mixed price action today.
Over the past 24 hours, only 2 out of 11 BTC ETFs recorded a negative outflow. Reportedly, BlackRock’s “IBIT” has encountered the highest inflow of $338.3M, followed by Fidelity’s “FBTC” with $25.1M.
On the other hand, Bitwise, Valkyrie, and WTree recorded a neutral flow. Moreover, with a total outflow of $39 million, the net flow of Bitcoin ETF for 02nd December concluded at +353.6 million.
If the bulls regain momentum, the Bitcoin price will retest its resistance level of $97,000. Maintaining the price above that level could push the price of this crypto token toward its $98,000 level.
However, a bearish reversal could pull the price toward its support level of $95,000. Moreover, if a sell-off is witnessed, this could result in it retesting its lower psychological level of $92,000.
Curious to find out the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to us to stay updated on the latest crypto news!
The all-time high of the BTC crypto is $99,655.50 which was recorded on 22nd November 2024.
With a 24-hour change of 0.11%, the star crypto is currently exchanging hands at $96,139.92.
If the bullish sentiment sustains, the BTC price could surpass the $600,000 mark by 2030.
Fresh regulatory changes alongside macroeconomic movements place XRP and its status at the center of…
Shiba Inu (SHIB) faces an uphill battle to recover from its severe market decline, while…
Binance founder Changpeng Zhao (CZ) has warned that 95% of cryptocurrencies are destined to fail…
As the crypto market slowly builds momentum for its next breakout cycle, experienced investors are…
In the constantly evolving world of decentralized finance, it’s often the lesser-known projects that quietly…
Pi Coin’s price has been on a rollercoaster—rising to $2.98 before crashing down to $0.50,…
