Bitcoin (BTC) Price Prediction (Dec 07th 2024)

Story Highlights

Bitcoin price retests the $100k mark during the early Asian trading hours. The uncertainty in technical indicators intensifies, highlighting volatile price action this weekend. Bullish reversal could push the price toward a new ATH soon.

The BTC price has successfully retested the $100,000 mark today with a 24-hour trading volume of $84.581 billion. With this, the largest crypto token continues hovering around its crucial milestone.

However, with questions like Why is Bitcoin price down today and will BTC price stay above $100k, the crypto market has entered into a FOMO-like situation. In this article, we have covered the daily price analysis of Bitcoin to uncover such doubts.

BTC Price Retests $100k Mark!

The Bitcoin price has displayed a consolidated price action this week, indicating a cool-off in its price sentiments. Moreover, with a jump of ~4% this week, it has achieved its prolonged price target of $100,000.

TradingView: BTC/USDT

The Relative Strength Index (RSI) is hovering close to its overbought range in the daily time frame. However, its average trendline acts as a resistance, highlighting mixed price sentiments for the star crypto.

On the other hand, the Simple Moving Average (SMA) supports the Bitcoin price chart. Considering the present market sentiment, the BTC price is highly volatile today.

Bitcoin ETF Weekly Update

The BTC ETF recorded a positive inflow for all five days this week. Reportedly, between 02nd December and 06th December, 9 out of 11 ETFs experienced a positive flow. BlackRock’s “IBIT” recorded the highest inflow of $2,630.8 million, followed by Fidelity’s “FBTC” with $262.3 million.

On the other hand, Grayscale’s “BTC” recorded the highest outflow of $303.5 million, followed by Ark’s “ARKB” with $39.1 million. With this, the total inflow for the week concluded at $2,729.7 million.

Will BTC Price Rise This Weekend?

If the bulls outrun the bears, the Bitcoin price will retest its resistance level of $100k. Maintaining the price above that level could set the stage for it to head toward its ATH of ~$104,000 this weekend.

On the flip side, if a bearish price action occurs, this could result in the BTC price retesting its $98,000 level. Further, if the bearish sentiment intensifies, this could pull the price of this cryptocurrency toward its low of $95,000.

Curious to find out answers to questions like Will BTC rise again? Read our Bitcoin Price Prediction article. Also, subscribe to CoinPedia to stay updated on the latest crypto news!

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