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- Bitcoin has dropped 1.38% in 24 hours, with a price of $107,802, while trading volume decreased by 28.56%.
- Consolidating between $100K-$112K, testing its ATH at $112K; a breakout could push the price to $120K.
- Analysts project short-term bullish trends for Bitcoin, with ETF inflows and positive MACD supporting further gains.
Bitcoin is trading at $107,802, has lost 1.38% over the last 24 hours. Cryptocurrency has increased by 0.51% within the past 7 days. The volume of trading has also reduced to $42.55 billion, implying a decline of 28.56%. The trend in Bitcoin is under scrutiny as the cryptocurrency struggles with the support and resistance levels.
Source: CoinMarketCap
CoinCodeCap highlighted that Bitcoin has been consolidating within the range of $100K to $112K over the past few weeks. It is currently testing its all-time high (ATH) at $112K. Analysts believe that a breakout over this price may drive Bitcoin to around $120K. Bitcoin is above the 200-day Simple Moving Average (SMA), and the upward trend is strong.
Source: X
Positive Short-Term Outlook
Analysts have projected a strong short-term outlook on Bitcoin. The medium and long-term trends indicate positive dynamics as well. Bitcoin is resisting above major support lines and $100K to 90K will obey, and $112K to $120K will resist. A break higher above these values may indicate additional highs.
Daan Crypto Trades has revealed that Bitcoin has rebounded following a period of weakness in markets due to geopolitical issues. The rebound started two weeks ago, and the Coinbase premium has not weakened since that time. Analysts believe that so long as the flow persists, the price of Bitcoin will not be at risk. Still, they warn that a local top is possible should Bitcoin slow down with inflows.
Source: X
Bitcoin Bullish MACD Momentum
The relative strength index (RSI) of BTC is set at 54.01. This neutral reading implies that BTC has not been overbought or oversold. The RSI suggests that BTC can move both up and down without a clear indication of a turnaround.
The Moving Average Convergence-Divergence (MACD) also favours a bullish BTC. The MACD is 263.30 compared to the signal of 821.94. The bullish trend will continue as an outcome of this positive divergence. The MACD indicates a possible continuation of the upward movement in the short term, even after the small setback.
Bitcoin has continued to attract the attention of market observers as it faces important price barriers. Once it breaks above $112K, the range of possible gains might start, whereas a failure to break through this resistance might result in consolidation.
