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Cryptocurrency News Articles
Bitcoin Price Prediction: BTC Price Might Continue to Struggle Around $104K
Jan 18, 2025 at 10:25 pm
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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