The cryptocurrency market has lost ~2.25% to its valuation in 24 hours with a trading volume of $190.85 billion. With this, the global crypto market cap is currently valued at $3.22 Trillion. Moreover, the price of Bitcoin is back around the $98,000 mark, highlighting increased bearish influence.
With the market sentiments recording increased uncertainty in the shorter timeframe, is this a good time to invest in Bitcoin? In this article, we have covered the short-term market sentiment and the possible Bitcoin (BTC) price analysis.
BTC Price Records Consolidated Price Action!
The Bitcoin price has dropped by 1.07% in 24 hours with a trading volume of $69.911 billion, a change of -20.76%. Moreover, it has lost 4.34% over the last seven days and has plunged by around 1.5% in 30 days. With a market cap of $1.935 Trillion, it has a market dominance of 60.46%.
The Simple Moving Average (SMA) constantly acts as a resistance to the Bitcoin price chart in the daily time frame. This suggests a strong bearish sentiment for the largest crypto token in the market.
Furthermore, the RSI indicator continues hovering around the neutral point in the 1D time frame. Moreover, the average trendline displays a negative trend. This indicates that the price of Bitcoin may continue losing value this week.
Bitcoin ETF Records A Record Inflow Of Over $340.7 Million!
Over the past 24 hours, all Bitcoins ETFs have displayed a neutral or a positive flow for the first time this month. Reportedly, BlackRock’s “IBIT” recorded the highest inflow of $249 million, followed by Ark’s “ARKB” with $56.11 million.
On the other hand, no BTC ETF have recorded a negative flow over the past 24 hours. With this, the Bitcoin ETF concluded on 04th February with a net flow of +$340.71 million.
Will BTC Price Rise Back Up?
If the BTC price reclaims the $100k mark, this could result in it heading toward its upper resistance level of $102,000. Maintaining the price at that level could set the stage for it to reclaim the $105k in the upcoming time.
On the contrary, if the bears outrun the bulls, the Bitcoin price could drop toward its immediate support level of $95,000. Furthermore, if the bearish sentiment intensifies, the price of BTC could retest its low of $92,000.
Are you wondering if the BTC price will hit a new ATH in 2025? Read our latest Bitcoin Price Prediction to uncover the possible long-term mysteries!
FAQs
Amid the ongoing global tensions, the cryptocurrency market has experienced a short pullback in its valuation.
If the bulls regain momentum, the BTC price could reach a maximum of $170,000 this year.
At the time of writing, the price of one BTC token was $98,026.03.
