Price Analysis View Non-AMP

Bitcoin (BTC) Price Prediction (Dec 07th 2024)

Published by
Elena R

Story Highlights

  • Bitcoin price retests the $100k mark during the early Asian trading hours.
  • The uncertainty in technical indicators intensifies, highlighting volatile price action this weekend.
  • Bullish reversal could push the price toward a new ATH soon.

The BTC price has successfully retested the $100,000 mark today with a 24-hour trading volume of $84.581 billion. With this, the largest crypto token continues hovering around its crucial milestone.

However, with questions like Why is Bitcoin price down today and will BTC price stay above $100k, the crypto market has entered into a FOMO-like situation. In this article, we have covered the daily price analysis of Bitcoin to uncover such doubts.

BTC Price Retests $100k Mark!

The Bitcoin price has displayed a consolidated price action this week, indicating a cool-off in its price sentiments. Moreover, with a jump of ~4% this week, it has achieved its prolonged price target of $100,000.

The Relative Strength Index (RSI) is hovering close to its overbought range in the daily time frame. However, its average trendline acts as a resistance, highlighting mixed price sentiments for the star crypto.

On the other hand, the Simple Moving Average (SMA) supports the Bitcoin price chart. Considering the present market sentiment, the BTC price is highly volatile today.

Bitcoin ETF Weekly Update

The BTC ETF recorded a positive inflow for all five days this week. Reportedly, between 02nd December and 06th December, 9 out of 11 ETFs experienced a positive flow. BlackRock’s “IBIT” recorded the highest inflow of $2,630.8 million, followed by Fidelity’s “FBTC” with $262.3 million.

On the other hand, Grayscale’s “BTC” recorded the highest outflow of $303.5 million, followed by Ark’s “ARKB” with $39.1 million. With this, the total inflow for the week concluded at $2,729.7 million.

Will BTC Price Rise This Weekend?

If the bulls outrun the bears, the Bitcoin price will retest its resistance level of $100k. Maintaining the price above that level could set the stage for it to head toward its ATH of ~$104,000 this weekend.

On the flip side, if a bearish price action occurs, this could result in the BTC price retesting its $98,000 level. Further, if the bearish sentiment intensifies, this could pull the price of this cryptocurrency toward its low of $95,000.

Curious to find out answers to questions like Will BTC rise again? Read our Bitcoin Price Prediction article. Also, subscribe to CoinPedia to stay updated on the latest crypto news!

FAQs

How much was 1 Bitcoin in 2014?

The value of one BTC token in 2014 was $320.19.

Will BTC Price Hit $1 Million?

For this cryptocurrency to achieve this milestone, it will require a surge of 904.35% in its valuation.

How much will 1 Bitcoin be worth in 2030?

With a bullish price surge and increased adoption, this crypto token may surpass the $600,000 mark by 2030.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Stablecoins Associated with First Digital Trust (FDT) Temporarily Depegs as Justin Sun Warns of Company’s Insolvency

In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX)…

April 2, 2025

Trump Tariffs Live: Bitcoin Price Rallies To $87000 On ‘Liberation Day’

Cryptocurrency markets are experiencing fluctuations as traders brace for President Donald Trump's "Liberation Day" announcement,…

April 2, 2025

Grayscale Announces Launch of Two New Bitcoin ETFs: Here’s What They Are

Grayscale, a leading crypto asset manager, has introduced two new Bitcoin ETFs, offering a fresh…

April 2, 2025

Remember This Name! Remittix Presale Becomes the Top Predicted of 2025 as Project Raises Almost $15M in Record Time

In a year marked by conservatism and a sentiment shift in crypto, one name is…

April 2, 2025

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025