The recent U.S. CPI data meeting expectations has sparked a strong bullish recovery in the crypto market, leading to Bitcoin (BTC) price bouncing back above the $100,000 level. As traders and investors closely monitor the market sentiments, the key question arises – will BTC price stay above the $100k mark, or will it witness a pullback towards its important support level of $98,000?
BTC Price Stays Above the $100k Mark!
In the past 24 hours, the Bitcoin price has surged over 3% with a trading volume of $81.601 billion, representing a change of -17.32%. This has propelled BTC to reclaim the $100,000 mark during the early Asian trading hours. The Relative Strength Index (RSI) indicates a sharp rise towards the overbought range in the daily timeframe. However, the average trendline is acting as a resistance, signaling mixed price action. Additionally, the Moving Average Convergence Divergence (MACD) is showing a constant red histogram on the Bitcoin price chart, with the averages trending downwards, suggesting a negative outlook.
Will BTC Price Hit A New High Today?
If the current bullish momentum persists, Bitcoin price could retest its all-time high (ATH) of $103,900.47. Sustaining the price above this level could pave the way for BTC to achieve a new high. On the flip side, a bearish sentiment could push the price below the $100k mark. In such a scenario, if bears gain control, BTC could test its support level of $98,000 in the near future.
Looking ahead, the question remains – will BTC price reach the $200,000 mark during this crypto bull run? Stay updated with our Bitcoin Price Prediction and subscribe to CoinPedia for the latest updates on the cryptocurrency market.
FAQs
Why is the Crypto market up today?
The price of Bitcoin reclaiming the $100k mark has led to a surge in the cryptocurrency market, adding over $180 billion in market capitalization.
How high is Bitcoin going today?
Given the increased price volatility, Bitcoin price could potentially achieve a new all-time high in the near future.
Is it a good time to buy or sell BTC?
With the fear & greed index currently at 80, indicating extreme greed, Bitcoin may present a buying opportunity for investors looking to capitalize on the market sentiment.
As the crypto market continues to evolve, it is essential to stay informed and make informed decisions based on market analysis and trends. Follow CoinPedia for the latest insights and updates on the cryptocurrency landscape.