Bitcoin Faces Critical Resistance! $92k Drop or $105k Surge, What’s Next?
The cryptocurrency market traded $97.94 billion overnight, up 2.21%. Therefore, cryptocurrency is now worth $3.24 trillion. The top tokens have since added greener numbers to their statistics, further indicating an increase in bullish sentiment.
Is this a good time to invest in Bitcoin, given the ongoing market statistics? Or is another potential cryptocurrency happening this week? In this article, we reveal market sentiment and possible short-term Bitcoin price analysis at Coinpedia.
BTC price record adds action!
BTC’s price has increased by 1.14% over the past 24 hours, with trading volume of $34.27 billion. Despite recording about 1% in 7 days, the largest cryptocurrency has soared 4.21% over the past month with a YTD return of +5.24%.
Moving average convergence difference (MACD) records a constant red histogram with the average showing similar price action. This indicates the increased sales pressure on the largest crypto tokens on the market.
On the other hand, EMA 50 days is on the verge of a positive crossover, and its 200-day average witnesses a similar price trend. This shows the positive outlook for Bitcoin prices this week.
Will BTC recover?
If the Bulls maintain positive momentum, Bitcoin price can retest its $100,000 resistance level. Maintaining above this level could be $105,000 for its milestone price.
Conversely, if the bear surpasses the Bulls, the price of BTC may retest its $95,000 immediate support level. Additionally, if the bears dominate the market, this could cause the largest crypto token to fall to its lower support trend level of $92,000.
Want to know if BTC prices will reach new ATH this year? Read the latest information about Coinpedia Bitcoin price forecast Revealing possible long-term mysteries!
FAQ
Bitcoin priced at $34.27 billion in 24-hour trading volume, exchanged at $98,304.63.
At this point in time, the crypto market is very volatile. Although the short-term outlook suggests a bearish outlook, long-term sentiment is optimistic.
Amid the rise in adoption and bullish sentiment, BTC may exceed $600,000 by 2030.
