Despite increased price volatility, Bitcoin has displayed neutral price action this week. This indicates a high possibility of a cool-off phase for the largest crypto token in the market.
Will Bitcoin’s (BTC) price regain momentum this week and achieve its prolonged price target of $100k? Or are investors switching toward the altcoin market? Let’s find out with the daily price analysis of the Bitcoin (BTC) token.
The BTC price has added 0.68% to its valuation in 24 hours with a trading volume of $69.097 billion. Moreover, it has surged 4.07% over the last seven days and 39.54% during the past 30 days.
The Moving Average Convergence Divergence (MACD) shows a constant red histogram in the daily time frame. Moreover, with its averages recording a constant decline, the largest cryptocurrency hints at a neutral price action.
On the other hand, the SMA indicator continues to support the BTC price chart. This suggests a mixed price trend for the token in the market.
If the crypto bulls regain power, the BTC price will retest the $97,000 level. Moreover, if the bulls maintain their bullish sentiment, the price of this crypto token could head toward its $98k level.
On the contrary, if the bears regain momentum, BTC could retest its $95,000 level. Further, if bears outrun bulls, this could result in it retesting its lower psychological level of $92k.
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!
If the bullish sentiment sustains, the largest cryptocurrency may achieve the $100k mark this year.
At the time of writing, the value of 1 BTC token was $95,846.66.
Considering the current greed index of 79, the Bitcoin price is extremely bullish today.
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