The cryptocurrency market has experienced a slight dip of around 2.25% in its valuation over the past 24 hours, with a trading volume of $190.85 billion. The global crypto market cap currently stands at $3.22 trillion, with Bitcoin’s price hovering around the $98,000 mark, signaling increased bearish influence.
Given the current market sentiments showing heightened uncertainty in the short term, many investors may be wondering if now is a good time to invest in Bitcoin. In this article, we will delve into the short-term market sentiment and provide a detailed analysis of Bitcoin’s price outlook.
BTC Price Analysis: Consolidated Price Action
Bitcoin’s price has seen a 1.07% drop in the last 24 hours, with a trading volume of $69.911 billion, marking a change of -20.76%. Over the past seven days, Bitcoin has lost 4.34% of its value and has declined by approximately 1.5% in the last 30 days. With a market cap of $1.935 trillion, Bitcoin currently commands a market dominance of 60.46%.
The Simple Moving Average (SMA) has consistently acted as a resistance level on the Bitcoin price chart in the daily timeframe, indicating a strong bearish sentiment for the leading cryptocurrency. Additionally, the Relative Strength Index (RSI) is hovering around the neutral point in the 1D timeframe, with the average trendline showing a negative trajectory. These factors suggest that Bitcoin’s price may continue to experience downward pressure in the coming week.
Bitcoin ETF Records Inflow of Over $340.7 Million
In the past 24 hours, all Bitcoin ETFs have shown a neutral or positive flow for the first time this month. BlackRock’s “IBIT” reported the highest inflow of $249 million, followed by Ark’s “ARKB” with $56.11 million.
None of the BTC ETFs recorded a negative flow in the last 24 hours, leading to a net inflow of +$340.71 million for Bitcoin ETFs on 4th February.
Will BTC Price Rise Back Up?
If Bitcoin manages to reclaim the $100,000 mark, it could potentially target its upper resistance level of $102,000. Sustaining the price at this level may pave the way for a push towards $105,000 in the near future.
On the flip side, if bearish momentum overtakes bullish sentiment, Bitcoin’s price could retreat towards its immediate support level of $95,000. Further downside pressure could see BTC retesting its recent low of $92,000.
For those curious about Bitcoin’s potential to reach a new all-time high in 2025, our latest Bitcoin Price Prediction offers insights into the long-term possibilities.
FAQs
Why is Bitcoin price falling?
Amid global tensions, the cryptocurrency market has experienced a minor pullback in its valuation.
How much will $1 Bitcoin be worth in 2025?
If bullish momentum picks up, Bitcoin’s price could potentially reach a maximum of $170,000 this year.
What is Bitcoin worth right now?
At the time of writing, the price of one BTC token stands at $98,026.03.
In conclusion, while Bitcoin faces some bearish pressure in the short term, long-term investors may still find potential opportunities in the market. Keeping an eye on key support and resistance levels can help navigate the current market conditions and make informed investment decisions.