Story Highlights
- The BTC price registers a neutral price action within 24 hours and stabilizes above the USD 96,000 level.
- The technical indicators are showing mixed price sentiment, pointing to reduced price action.
- On the plus side, BTC ETFs are recording three consecutive days of inflows.
Despite increased bullish price sentiment in the altcoin market, BTC price continues to struggle around the $96,000 level. This has reduced the dominance of the largest crypto token by market capitalization to 54.38%, the lowest in four months.
In this article, we have discussed the latest Bitcoin price analysis and mentioned the possible short-term price outlook.
BTC price shows consolidated price action
Bitcoin price has seen consolidated price action for about a week now, highlighting a decrease in buying and selling pressure. Furthermore, with a trading value of $96,139.92, it has a market capitalization of $1.902 billion.
The Simple Moving Average (SMA) acts as support for the BTC price chart in the daily time frame, indicating a strong bullish influence for the star crypto on the market.
Furthermore, the Relative Strength Index (RSI) continues to hover close to the overbought range. However, since the average trendline is on a downward trend, the BTC price today indicates mixed price action.
Bitcoin ETF update
In the past 24 hours, only 2 of the 11 BTC ETFs recorded negative outflows. BlackRock’s “IBIT” reportedly saw the highest inflows of $338.3 million, followed by Fidelity’s “FBTC” with $25.1 million.
On the other hand, Bitwise, Valkyrie and Wtree recorded a neutral current. Furthermore, Bitcoin ETF’s net flow for December 2 reached +353.6 million with a total outflow of $39 million.
Will BTC Price Reach $100,000 Tomorrow?
If the bulls gain strength again, Bitcoin price will retest its resistance level at $97,000. Maintaining the price above that level could push the price of this crypto token towards the $98,000 level.
However, a bearish reversal could pull the price towards the USD 95,000 support level. Furthermore, if there is a sell-off, this could lead to the lower psychological level of $92,000 being retested.
Curious about the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin Price Prediction. Also subscribe to us to stay up to date with the latest crypto news!
Frequently asked questions
The BTC crypto all-time high is $99,655.50, recorded on November 22, 2024.
With a change of 0.11% over 24 hours, the star crypto is currently exchanging hands at $96,139.92.
If bullish sentiment continues, BTC price could cross the $600,000 mark by 2030.
Credit : coinpedia.org
