Bitcoin (BTC) Price Back Above $87,000 as Dominance Rises Despite Short-Term Market Volatility

Amid the ongoing market volatility, the Bitcoin price is back above the $87,000 mark. However, the crypto token has repeatedly failed to hold its value above the $88,000 mark

The cryptocurrency market has been highly volatile in recent times, and with several liquidations رخداد , a pessimistic outlook is building among market researchers.

However, despite the market trends, investors are skeptical about a huge Bitcoin crash in the coming time. On the other hand, the technical analysis of BTC price shows a potential bearish pullback within a short period. This comes after market analysts’ increasing bearish outlook on the price prospect of the crypto market.

While the BTC price stabilizes, investors are skeptical about a huge Bitcoin crash in the coming time.

Crypto Market Bets Against Bitcoin This Week!

According to the latest reports by Binance cryptocurrency exchange, the world’s largest centralized crypto exchange, the accounts with a short option on Bitcoin are significantly higher.

According to the data from Binance, 37.82% of the accounts have placed a long order, 62.18% of accounts have placed a short order, and only 0.61% of the accounts have a short/long order. This highlights that a huge number of accounts are now predicting a possible Bitcoin correction and have placed their bets on it.

This report by Binance comes after a liquidation of over $1 billion in crypto accounts in the past 24 hours. The majority of the liquidations were seen in short trades, which signals that a large number of traders who were betting on a further decline in the crypto market were liquidated.

This liquidation comes amid a broader downturn in the crypto market, with Bitcoin price slipping below the $88,000 mark once again. The crypto market has been highly volatile in recent times, and with several liquidations reported, a pessimistic outlook is building among market researchers.

However, despite the market trends, investors are skeptical about a huge Bitcoin crash in the coming time. On the other hand, the technical analysis of BTC price shows a potential bearish pullback within a short period. This comes after market analysts’ increasing bearish outlook on the price prospect of the market.

While the BTC price stabilizes, investors are skeptical about a huge Bitcoin crash in the coming time.

Let us now understand the short-term market dynamics and potential Bitcoin price prediction for this week!

BTC Price Stumbles Around the $87K Mark!

With a jump of 3.46%, Bitcoin price today is back above the $87,000 mark. As per the latest report by CoinDesk, the largest crypto token has experienced an increase of 167.29% in its 24-hour trading volume to $37.66 billion. Following this, the dominance of this crypto token has surpassed 63.5% for the first time in months.

The Cross EMA 50/200-day shows a notable pattern with the 50-day exponential moving average making a Golden Cross with the 200-day exponential moving average in the Bitcoin price chart. This type of pattern ideally highlights an increase in the buying-over-selling pressure for the largest crypto in the market.

Furthermore, the Moving Average Convergence Divergence (MACD) witnesses a rising green histogram in the daily time frame, with its averages recording a similar price trend. This hints at a positive outlook for it this week.

Will BTC Fall Again Today?

If the crypto market favors the bulls, this could push the price of Bitcoin toward its immediate resistance zone of $90,000. Moreover, if the bulls outrun the bears, this could push the price toward its upper resistance level of $91,150 this week.

Conversely, if the bears regain momentum, the BTC coin price could drop toward its important support level of $87,000. Suppose, the bulls fail to regain momentum at that point, this could pull the price of it toward its lower support level of $85,000 in the upcoming time.