The crypto market has added 1.13% in 24 hours and is currently valued at $3.46 Trillion with a trading volume of $293.39 billion. Following this, the price of Bitcoin has experienced a similar price action by reclaiming the $97k mark during the early Asian trading hours.
Considering the present crypto market situation, will the BTC price stay above $100k this week? In this article, we have covered the possible short-term Bitcoin price analysis.
Bitcoin has reclaimed the $97,000 mark with a 24-hour trading volume of $100.528 billion. Notably, the largest cryptocurrency by market cap has displayed a neutral price action over the last week, highlighting a cool-off phase for it.
The Simple Moving Average (SMA) shows a bearish convergence in the daily time frame. This displays an increase in the selling-over-buying pressure for the Bitcoin token in the market.
The Moving Average Convergence Divergence (MACD) records a constant red histogram, with its averages showing a steady decline in the BTC price chart. This suggests a negative outlook for the largest token by market capitalization.
If the BTC token regains momentum, it may reclaim its $98,000 mark. If the bulls gain traction, this could push the price of Bitcoin toward the $100,000 mark.
However, a bearish action could pull the price toward $95,000. Furthermore, if the bears dominate the crypto space, the price of Bitcoin could plunge toward its low of $92,000 today.
Are you wondering if the BTC price will reach $200,00 this crypto bull run? Read our Bitcoin Price Prediction. Also, subscribe to stay updated on the latest crypto-related news first!
Considering today’s trading value, you can buy 0.000125 BTC for $100.
For the Bitcoin price to reclaim this price target, it will require a jump of ~3% in its present valuation.
With bullish sentiment and an optimistic outlook, a single BTC token could surpass the $600,000 mark by 2030. Moreover, an increased adoption could push the price beyond the $1 million mark.
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