The post Bitcoin (BTC) Price Prediction (Dec 03rd 2024) appeared first on Coinpedia Fintech News
Story Highlights
The BTC price records a neutral price action in 24 hours and stabilizes above the $96k level.
The technical indicators record a mixed price sentiment, indicating reduced price action.
Positively, BTC ETFs record three consecutive days of inflow.
Despite increased bullish price sentiment in the altcoin market, the BTC price continues struggling around its $96,000 level. With this, the dominance of the largest crypto token by market cap has reduced to 54.38%, the lowest in 4 months.
In this article, we have covered the latest Bitcoin price analysis and mentioned the possible short-term price prospects.
BTC Price Displays A Consolidated Price Action
The Bitcoin price has experienced a consolidated price action for about a week now, highlighting a decline in the buying-and-selling pressure. Moreover, with a trading value of $96,139.92, it has a market capitalization of $1.902 billion.
TradingView: BTC/USDT
The Simple Moving Average (SMA) acts as a support to the BTC price chart in the daily time frame, indicating a strong bullish influence for the star crypto in the market.
Further, the Relative Strength Index (RSI) continues hovering close to the overbought range. However, with its average trendline showing a descending trend, the BTC price hints at a mixed price action today.
Bitcoin ETF Update
Over the past 24 hours, only 2 out of 11 BTC ETFs recorded a negative outflow. Reportedly, BlackRock’s “IBIT” has encountered the highest inflow of $338.3M, followed by Fidelity’s “FBTC” with $25.1M.
Source: SoSoValue
On the other hand, Bitwise, Valkyrie, and WTree recorded a neutral flow. Moreover, with a total outflow of $39 million, the net flow of Bitcoin ETF for 02nd December concluded at +353.6 million.
Will BTC Price Hit $100k Tomorrow?
If the bulls regain momentum, the Bitcoin price will retest its resistance level of $97,000. Maintaining the price above that level could push the price of this crypto token toward its $98,000 level.
However, a bearish reversal could pull the price toward its support level of $95,000. Moreover, if a sell-off is witnessed, this could result in it retesting its lower psychological level of $92,000.
Curious to find out the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to us to stay updated on the latest crypto news!
FAQs
The all-time high of the BTC crypto is $99,655.50 which was recorded on 22nd November 2024.
With a 24-hour change of 0.11%, the star crypto is currently exchanging hands at $96,139.92.
If the bullish sentiment sustains, the BTC price could surpass the $600,000 mark by 2030.
