Story Highlights
- Bitcoin price retests the $100k mark during the early Asian trading hours.
- The uncertainty in technical indicators intensifies, highlighting volatile price action this weekend.
- Bullish reversal could push the price toward a new ATH soon.
The BTC price has successfully retested the $100,000 mark today with a 24-hour trading volume of $84.581 billion. With this, the largest crypto token continues hovering around its crucial milestone.
However, with questions like Why is Bitcoin price down today and will BTC price stay above $100k, the crypto market has entered into a FOMO-like situation. In this article, we have covered the daily price analysis of Bitcoin to uncover such doubts.
BTC Price Retests $100k Mark!
Bitcoin has seen a steady rise in price this week, with a 4% increase bringing it to the $100,000 mark. This milestone comes after a period of consolidation in the market, indicating a cooling off of price sentiments.
Technical indicators such as the Relative Strength Index (RSI) are showing signs of volatility, with the RSI hovering near the overbought range. The Simple Moving Average (SMA) is providing support for the Bitcoin price, but the market sentiment remains mixed.
Bitcoin ETF Weekly Update
Bitcoin ETFs have seen positive inflows this week, with 9 out of 11 ETFs experiencing a net inflow between December 2nd and 6th. BlackRock’s “IBIT” and Fidelity’s “FBTC” recorded the highest inflows, while Grayscale’s “BTC” saw the highest outflow.
The total inflow for the week was $2,729.7 million, indicating strong investor interest in Bitcoin ETFs.
Will BTC Price Rise This Weekend?
If bullish momentum continues, Bitcoin could retest its resistance level of $100k and possibly reach a new all-time high of $104,000. However, a bearish scenario could see the price drop to $98,000 or even $95,000 if selling pressure intensifies.
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FAQs
The value of one BTC token in 2014 was $320.19.
Achieving a $1 million price for Bitcoin would require a 904.35% increase in its valuation.
With a bullish market and increased adoption, Bitcoin could surpass the $600,000 mark by 2030.