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The star crypto token has recorded a strong bullish recovery within the past 24 hours after trading under a bearish sentiment over the past few days. Notably, the Bitcoin price has jumped approximately 8% during this time, resulting in it reclaiming the $61K mark.
Planning on investing in BTC crypto but concerned about questions like “Will BTC price drop again?” or “ Is this the right time to invest in Bitcoin?”.
Dive in as, in this article, we have covered the in-depth market sentiments, price analysis, and potential short-term price targets for the Bitcoin crypto token.
BTC Crypto Token Price Action:
Despite trading under a negative influence for a brief period, the Bitcoin token has successfully retested its crucial support level of $53,446.50. This has resulted in it recording a significant upside in valuation. Moreover, with a trading volume of $43.356 Billion, Bitcoin has a dominance of 56.7%.
TradingView: BTC/USDT
The Relative Strength Index (RSI) has failed to surpass its halfway mark, indicating a weak bullish sentiment for the BTC price in the crypto market. However, its average trendline records a bearish convergence, suggesting a negative outlook.
On the other hand, the SMA indicator has displayed a bullish crossover, suggesting a mixed sentiment for the star crypto this week.
Bitcoin Spot ETF Update:
On 08th August, Blackrock’s “IBIT” recorded the highest inflow with $157.6 Million, followed by WTree’s “BTCW” with 118.5 Million. Further, Fidelity’s “FBTC” has added $65.2 Million whereas Ark’s “ARKB” added $32.8 Million, and VanEck’s “HODL” has added $3.4 Million.
Source: Farside Investors
Notably, Bitwise, Invesco, Franklin, Valkyrie, and Grayscale’s “BTC” have recorded a neutral flow.
Conversely, Grayscale’s “GBTC” records a drop of $182.9 Million, resulting in it continuing its outflow streak for the 6th consecutive day. With this, the total inflow for the day stood at $194.6 Million.
Will BTC Price Reach $100K This Year?
If the bulls continue trading under a positive influence, the price of Bitcoin will head toward its resistance level of $67,000. Moreover, if the market holds the price at that level, the BTC price will retest its all-time high of over $73K in the coming time.
For BTC price to achieve the $100K mark, it requires a jump of 64.2708% in valuation, with respect to its current trading price of $60,875.09.
On the flip side, if the bears regain momentum, the BTC crypto will retest its support level of $60,000. Further, if the bulls fail to regain momentum at that point, the Bitcoin crypto will plunge toward its lower support level of $55K this month.