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- Bitcoin trades at $118,174, down 0.23% in 24 hours, with analysts optimistic about a potential rebound.
- Jip Molenaar forecasts Bitcoin’s weekly low will hold, suggesting an 88.5% chance of a new weekly high forming.
- Despite short-term fluctuations, Bitcoin’s price may still see significant movement, with volatility expected in the coming days.
As of press time, Bitcoin (BTC) trades at $118,174, a small decrease of 0.23% in the last 24 hours. The daily volume has fallen by 4.75% to $70.63 billion. The value of Bitcoin has declined by 0.69% over the last seven days. Analysts are still positive regarding the future performance of Bitcoin in the next few days and it is expected to recover.
Bitcoin’s Weekly Outlook
Jip Molenaar highlighted that Bitcoin can show positive movement this week. He forecasts that the existing weekly low (P1) will not break and gives historical evidence with 88.5% probability of this happening. Molenaar is optimistic that a fresh weekly high is poised to be established, an indication of possible upward momentum. In case the low is reached, it will become a pivot in a bullish reversal in the market.
Molenaar also analysed the weekly time data of Bitcoin, paying attention to two-year trends. He indicated that the weekly low was exceeded in 34.5% of weeks. Nonetheless, the statistics show that 100% weekly candles within the past four years have shown greater price variations than are currently seen at 3.6%. That indicates that this can still lead to a much greater price move in the short-term, and that displacement can still go higher towards the end of the week.
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Analysts highlighted a warning sign on the daily chart. He said that 94.4% of daily candles last year have had upward wicks preceding them to the downside. According to this trend, Bitcoin could only stand a 5.6% chance of achieving the daily high. This means the price can move down further by the close of the day, introducing a degree of short-term uncertainty in the market.
Market Volume Decline
CoinGlass data reveals that the volume fell by 2.22% to $101.92 billion. The open interest is also reducing by 0.57% to reach $84.64billion, showing a bit of withdrawal in the market. The BTC OI-weighted Funding Rate is currently at 0.0114%, indicating moderate market activity.
Source: CoinGlass
The recent drop in prices and temporary uncertainty have not dampened the optimism of analysts regarding the long-term perspective of Bitcoin. The cryptocurrency market is showing signs of volatility, however, the history shows that Bitcoin can surpass major resistance areas. The next few days will see traders and investors track key price levels in order to determine the price direction of Bitcoin.
Also Read: Bitcoin’s Bullish Momentum: Can It Break $120K Resistance?
