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The cryptocurrency market has experienced a strong bearish action this week with top tokens recording a significant correction in their respective valuations. Following this, the price of Bitcoin has dropped around its important support zone of $90,000.
With the ongoing market uncertainty, investors are concerned with questions like “Will Bitcoin ever rise back up?” and “Has BTC price already achieved its local high?” In this article, CoinPedia’s expert panel has covered the short-term price prospects of the Bitcoin (BTC) crypto token.
BTC Price Retests Its Important Support Zone!
The Bitcoin price has recorded a strong bearish action this week. This has resulted in it losing ~10% of its valuation. Notably, Bitcoin price today is exchanging hands at $93,504.70 with an intraday trading volume of $64.155 billion.
TradingView: BTC/USDT
The largest cryptocurrency has formed a strong support zone around the $90,000 mark, highlighting a high possibility of a bullish reversal at that point. However, considering the present market sentiments, the BTC crypto token is highly volatile.
Bitcoin ETF Update
For the first time this year, no BTC ETFs have recorded a positive flow in 24 hours. Notably, Fidelity’s “FBTC” recorded the highest loss of $258.7 million, followed by Ark’s “ARKB” with $148.3 million.
Source: SoSoValue
Other losers were BlackRock’s “IBIT” with $124 million, Bitwise’s “BITB” with $11.3 million, and Invesco’s “BTCO” with $9.4 million. With this, the total flow for 08th January concluded at -$568.8 million.
BTC Technical Sentiments
The Simple Moving Average (SMA) has experienced a bearish convergence in the daily time frame. This highlights an increase in the selling-over-buying pressure in the cryptocurrency market.
Further, the RSI indicator has dropped below its neutral point in the 1D Bitcoin price chart. Moreover, with its average trendline recording a negative crossover, the largest crypto token by market cap hints at a bearish outlook this week.
Will Bitcoin Recover $100k?
If a trend reversal occurs, the BTC price could retest its resistance level of $98,000. Furthermore, if the bullish sentiment intensifies, this could push the price of Bitcoin toward its important price tag of $100,000 during the upcoming week.
On the flip side, if the bears outrun the bulls, the Bitcoin price could retest its crucial support zone of around the $90,000 mark. Moreover, if the bears dominate the crypto space, it could further test its low of $86,000 this month.
Curious to explore the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin price prediction to uncover the possible price mysteries until 2030!
FAQs
With increased bullish price sentiment, the BTC price could go as high as $170,000 during this year.
The prime reason for the recent market correction is speculated to be uncertainty in the rate cuts and increased FOMO-like situation.
The price of BTC token could surpass the $600,000 mark by 2030 with increased adoption and institutional investments.
