The cryptocurrency market records a strong bearish reversal overnight. This resulted in top tokens losing significant valuation within a short period. On the other hand, the Bitcoin price recorded a 24-hour low of ~$102k from its ATH of above the $109,000 level.
Considering the present market sentiments, will BTC price make a strong bullish comeback this week? In this article, we have uncovered the market sentiments and possible short-term price analysis of Bitcoin (BTC) crypto token.
Bitcoin has lost ~3% in valuation with a 24-hour trading volume of $103,357 billion, a change of -8.97%. However, it has jumped 8.71% over the last seven days and has a YTD return of +11.76%. This highlights a long-term bullish action for it in the market.
The Simple Moving Average (SMA) constantly supports the Bitcoin price chart in the daily time frame. This highlights a strong bullish sentiment for it in the cryptocurrency space.
Further, the MACD indicator shows a rising green histogram. With its averages recording a positive rise, the BTC price could experience a strong bullish recovery this week.
If the bulls regain momentum, the price of Bitcoin could retest its resistance level of $108,000. Maintaining the price at that level could set the stage for it to head toward its new high of $110,000 this month.
On the contrary, if a bearish trend reversal occurs, the BTC price could retest its support level of $102,000. Further, if the star crypto fails to hold the value at that level, this could pull the price toward the $100,000 mark.
Wondering about the long-term price prospects of the largest cryptocurrency by market cap? Read CoinPedia’s Bitcoin Price Prediction!
Considering the current trading price of $104,466, one can buy 0.001004% of 1 Bitcoin.
Amid rising uncertainty, the price of BTC token has experienced a short pullback in its valuation.
With increased adoption in the real-world financial system, the BTC price could surpass its $600,000 range. On an optimistic outlook, Bitcoin price could smash the $1 million mark.
With a 24-hour trading volume of $103.357 billion, the BTC price is currently listed at $104,466.69.
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