Bitcoin Price Prediction: BTC Price Might Continue to Struggle Around $104K

Although Bitcoin’s price recently surged toward $106,000, it couldn’t maintain its momentum and quickly fell to a low of $102,277.

The price of Bitcoin has shown a slight decrease after failing to attract sufficient buyers at a higher price level.

After hitting a high of nearly $106,000 yesterday, the price of Bitcoin dropped to a low of $102,277. However, it has since recovered and is currently trading at $103,819, showing a rise of 1.15% over the past 24 hours.

The trading volume for Bitcoin has increased by 10.4% over the past 24 hours, reaching $68.2 billion. It is now positioned 38.2% away from the 200-day Moving Average (MA) of $140,063.

Bitcoin Price Drops Below $100,000

Looking at a broader time frame, Bitcoin dropped below $100,000 on January 7 and has generally been on a downward trend since then. It hit a low of about $89,397 on January 13 but has begun to recover from this decline.

Over the last 24 hours, its total market capitalization has risen by 0.64% to $2.05 trillion.

Bitcoin Price Analysis: Short Term Movements

The price of Bitcoin recently rose smoothly from $100,000 and approached $106,000. But then, as sellers began taking profits, its momentum slowed and the price fell towards $102,000.

Currently, it is experiencing some selling pressure around a key technical level but may soon break through it.

The price of Bitcoin is now encountering resistance at a crucial level, which might hinder its further ascent. However, the technical indicators are still suggesting a potential for price increase.

Bitcoin Price Analysis: What to Expect Next?

Short-term: According to BlockchainReporter, BTC price might continue to struggle around $104K. However, the pressure might soon weaken, resulting in a consolidation below $108K.

Long-term: According to Coincodex’s Bitcoin price prediction, the price of Bitcoin is expected to increase by 23.95% and reach $128,175 by February 17, 2025. Their technical indicators suggest a bullish current sentiment, while the Fear & Greed Index indicates a level of 77, which represents extreme greed. Over the past 30 days, Bitcoin has experienced 15 green days, accounting for 50% of the time, with a price volatility of 2.48%. Based on this forecast, Coincodex suggests that now is a good time to buy Bitcoin.