The cryptocurrency market has displayed a jump of 2.21% overnight with a trading volume of $97.94 billion. With this, the crypto-verse is now valued at $3.24 Trillion. Following this, top tokens have added greener numbers to their statistics, further suggesting an increase in the bullish sentiment.
Considering the ongoing market statistics, is this a good time to invest in Bitcoin? Or is another potential crypto crash coming this week? In this article, we at CoinPedia have uncovered the market sentiments and possible short-term Bitcoin price analysis.
BTC Price Records Increased Action!
The price of BTC has added 1.14% to its price tag in the last 24 hours with a trading volume of $34.27 billion. Despite recording a drop of ~1% in seven days, the largest cryptocurrency has surged 4.21% over the past month and has a YTD return of +5.24%.
The Moving Average Convergence Divergence (MACD) records a constant red histogram with its averages displaying a similar price action. This indicates an increase in the selling-over-buying pressure for the largest crypto token in the market.
On the other hand, the EMA 50-day is on the verge of experiencing a positive crossover with its 200-day average witnessing a similar price trend. This suggests a positive outlook for the price of Bitcoin this week.
Will BTC Ever Recover?
If the bulls maintain the positive momentum, the Bitcoin price could retest its resistance level of $100k. Maintaining the price above that level could set the stage for it to head toward its milestone price of $105,000 in the upcoming time.
Conversely, if the bears outrun the bulls, the BTC price may retest its immediate support level of $95,000. Moreover, if the bears dominate the market, this could result in the largest crypto token plunging toward its lower support trend level of $92,000.
Wondering if the BTC price will hit a new ATH this year? Read CoinPedia’s latest Bitcoin Price Prediction to uncover the possible long-term mysteries!
FAQs
With a 24-hour trading volume of $34.27 billion, the Bitcoin price is exchanging hands at $98,304.63.
The crypto market is highly volatile at this point in time. While the short-term prospects hint at a bearish outlook, the long-term sentiments are optimistic.
Amid increased adoption and rising bullish sentiment, the BTC price could surpass the $600,000 mark by the year 2030.
