The cryptocurrency market has added ~1% to its valuation in 24 hours with a trading volume of $96.19 billion. With this, the global crypto market cap is currently valued at $3.51 Trillion. With this, the price of Bitcoin is back around the $100,000 mark, highlighting increased positive influence.
With the market sentiments suggesting a bullish outlook, is this a good time to invest in Bitcoin? In this article, we have covered the short-term market sentiment and the possible price of the Bitcoin (BTC) token.
The Bitcoin price has successfully regained momentum by recording 7 consecutive days of inflow for the first time since November 2024. Notably, the BTC price has added 1.17% to its valuation in 24 hours and ~6% during the first week of January 2025.
Moreover, with a trading volume of $29.147 billion, the BTC price is presently exchanging hands at $99,324.45. Moreover, with a market dominance of 55.9%, it has a market capitalization of $1.959 Trillion, making it the 06th most valued asset in the global market.
Over the past week, the BTC ETF recorded 2 negative days, 2 positive days, and one neutral day. Reportedly, during this period, Fidelity’s “FBTC” recorded the highest inflow of $275.4 million, followed by Ark’s “ARKB” with $201.5 million.
On the negative side, Grayscale’s “GBTC” recorded the highest outflow of $167.2 million, followed by BlackRock’s “IBIT” with $137.5 million. With this, the week concluded with a net flow of +$256 million.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram in the daily time frame. Moreover, its averages record a bullish convergence, suggesting an increase in the buying-over-selling pressure for the largest cryptocurrency.
Moreover, the EMA 50-day constantly acts as a support to the Bitcoin price chart. This highlights a bullish outlook for it this week.
If the BTC price reclaims the $100k mark, it will head toward its upper resistance level of $102,000. Maintaining the price at that level could set the stage for it to retest its $105k in the upcoming time.
Conversely, if the bears outrun the bulls, the Bitcoin price could drop toward its support level of $98,000. Furthermore, if the bears gain control, the price of BTC could retest its low of $95,000.
Wondering if the BTC price will hit $200,000 in 2025? Read CoinPedia’s Bitcoin Price Prediction to uncover the long-term mysteries!
With $100, one can buy 0.001 of a single BTC token.
With increased bullish sentiment and adoption process, the BTC price could record a high of ~$170,000 this year.
Suppose the market favors the bulls, in that case, the price of Bitcoin could surpass $600,000 by 2030. Under an optimistic outlook, the price could surpass the $1 million milestone.
The growing inflow of ETFs and the announcement of Microstrategy and Metaplanet raising billions to increase their BTC reserves has pushed BTC prices up today.
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