The crypto market has dropped 5.62% in 24 hours and is currently valued at $3.44 Trillion with a trading volume of $349.745 billion. Following this, the price of Bitcoin has experienced a similar price action by retesting its support level of $94,000.
With the current market sentiments, is this a crucial time to hold Bitcoin tokens? In this article, we have covered the possible short-lived price prospects of the Bitcoin (BTC) crypto token.
The Bitcoin price continues to lose value by recording a red candle for the second consecutive day. This highlights an increase in the selling pressure for it in the crypto market. This further indicates a switch in investor’s interest in the altcoin market.
The Relative Strength Index (RSI) has experienced a strong bearish reversal around its overbought range in the daily time frame. This has resulted in it recording a sharp decline in the BTC price chart with its average trendline displaying a bearish convergence.
However, the EMA 50/200-day records a constant uptrend in the price chart. This highlights a mixed price sentiment for the largest cryptocurrency by market cap.
Suppose a bullish reversal occurs, in that case, the BTC token will reclaim its $98,000 mark. If the bullish sentiment sustains at that point, this could push the price of Bitcoin toward the $100,000 mark.
On the contrary, if the bearish momentum intensifies, this could pull the Bitcoin price toward $95,000. Moreover, if the bears outrun the bulls, it could plunge toward its low of $94,000 today.
To determine if the BTC price will achieve a new ATH in this crypto bull run? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to stay updated on the latest cryptocurrency news!
The prime reason for the recent market correction is speculated to be increased profit-booking among the investors.
As per the data collected in November 2024, more than 1 Million wallets are holding 1 or more Bitcoins.
With increased adoption, the BTC price could reach a maximum of ~$170,000 in 2025.
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