The cryptocurrency market has added 1.49% to its valuation in 24 hours with a trading volume of $168.88 billion, a change of -15.21%. With this, the crypto space is currently valued at $3.65 Trillion. Following this, the Bitcoin price reclaimed the $101,000 mark.
With CoinPedia’s daily Bitcoin price analysis, let’s understand the market sentiment and possible price targets of the BTC token for this weekend.
The price of Bitcoin has added 1.78% to its valuation in 24 hours with a trading volume of $57.854 billion. Moreover, it has surged 2.53% over the last seven days and 13.18% during the past 30 days.
Since mid-October, the Simple Moving Average (SMA) indicator has constantly supported the Bitcoin price chart in the 1D time frame. This suggests an increase in the buying-over-selling pressure for it in the crypto market.
The Moving Average Convergence Divergence (MACD) shows a steady decline in the daily time frame. With its averages experiencing a constant decrease, the star crypto hints at a mixed price action.
On 13th December, BlackRock’s “IBIT” led the charge with an inflow of $393 million, followed by Fidelity’s “FBTC” with $60 million. Among other gainers were Bitwise, VanEck, and ARK Invest.
On the other hand, Invesco, Franklin, and Valkyrie recorded a neutral flow, whereas Grayscale’s “GBTC” lost $105.8 million. Evaluating the data, the net flow for the day concluded at +$428.9 million.
With this, the BTC ETF recorded a consecutive inflow for the 12th consecutive day. Notably, the latest crypto ETF has experienced 2 straight weeks of inflow for the first time in months.
If the bullish sentiment sustains, the Bitcoin price will retest its all-time high of $103,900.47. Maintaining the price above that level could push the price toward its upper high of $105,000.
On the contrary, if the profit-booking increases the BTC price could retest its support level of $100,000. Furthermore, if the bearish sentiment intensifies, it could plunge toward its low of $98,000.
Read CoinPedia’s Bitcoin Price Prediction to uncover the long-term mysteries of the largest cryptocurrency by market capitalization. Also, subscribe to stay updated on the latest news first!
The crypto highly anticipates this cryptocurrency to cross the $1 Million by 2040, making it a good long-term investment.
With an intraday surge of 1.78%, the Bitcoin token is currently valued at $101,795.78.
If the bullish sentiment intensifies and the adoption fastracks, the BTC price could surpass the $600,000 mark.
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