With the U.S. CPI data meeting expectations, the crypto market has experienced a strong bullish recovery. This further led to the BTC price bouncing back above the $100,000 level.
Considering the present market sentiments, will BTC price stay above the $100k mark? Or will the price witness a pullback toward its important support level of $98,000?
The Bitcoin price has added over 3% to its valuation in 24 hours with a trading volume of $81.601 billion, a change of -17.32%. This has resulted in it reclaiming the $100,000 mark during the early Asian trading hours.
The Relative Strength Index (RSI) displays a sharp rise toward the overbought range in the daily time frame. However, the average trendline acts as a resistance, highlighting mixed price action.
Further, the Moving Average Convergence Divergence (MACD) shows a constant red histogram in the Bitcoin price chart. Moreover, the averages record a downward trend, suggesting a negative outlook.
If the bullish price action sustains, the Bitcoin price will retest its ATH of $103,900.47. Maintaining the price above that level could set the stage for this cryptocurrency to achieve a new high.
Contrarily, a bearish sentiment could pull the BTC price below the $100k mark. Further, if the bears gain power, it could test its low of $98,000 during the upcoming hours.
Will BTC Price hit the $200,000 mark this crypto bull run? Read our Bitcoin Price Prediction. Also, subscribe to CoinPedia to stay updated about the latest happenings in the crypto-verse!
With the price of Bitcoin reclaiming the $100k mark, the cryptocurrency has added over $180 billion.
Amid increased price volatility, the BTC price could achieve a new all-time high soon.
The fear & greed index is currently at 80 and is extremely greedy. This makes Bitcoin a potential buy.
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