BTC Price Records Increased Action! Is This a Good Time to Invest?

The Bitcoin price today has recorded a 24-hour high of ~$98,500 with a trading volume of $34.27 billion.

The price of Bitcoin (BTC) has recorded a 24-hour high of around $98,500, with a trading volume of $34.27 billion. However, the technical indicators, including the EMA 50/200-day and MACD, show mixed price action, suggesting rising uncertainty in the market.

Considering the market sentiments, the resistance and support trend levels are $100,000 and 95,000, respectively.

The cryptocurrency market has displayed a jump of 2.21% overnight with a trading volume of $97.94 billion. With this, the crypto-verse is now valued at $3.24 Trillion. Following this, top tokens have added greener numbers to their statistics, further suggesting an increase in the bullish sentiment.

Considering the ongoing market statistics, is this a good time to invest in Bitcoin? Or is another potential crypto crash coming this week? In this article, we at CoinPedia will uncover the market sentiments and possible short-term Bitcoin price analysis.

BTC Price Records Increased Action!

The price of BTC has added 1.14% to its price tag in the last 24 hours with a trading volume of $34.27 billion. Despite recording a drop of ~1% in seven days, the largest cryptocurrency has surged 4.21% over the past month and has a YTD return of +5.24%.

The Moving Average Convergence Divergence (MACD) records a constant red histogram with its averages displaying a similar price action. This indicates an increase in the selling-over-buying pressure for the largest crypto token in the market.

On the other hand, the EMA 50-day is on the verge of experiencing a positive crossover with its 200-day average witnessing a similar price trend. This suggests a positive outlook for the price of Bitcoin this week.

Will BTC Ever Recover?

If the bulls maintain the positive momentum, the Bitcoin price could retest its resistance level of $100k. Maintaining the price above that level could set the stage for it to head toward its milestone price of $105,000 in the upcoming time.

Conversely, if the bears outrun the bulls, the BTC price may retest its immediate support level of $95,000. Moreover, if the bears dominate the market, this could result in the largest crypto token plunging toward its lower support trend level of $92,000.

Wondering if the BTC price will hit a new ATH this year? Read CoinPedia’s latest Bitcoin Price Prediction to uncover the possible long-term mysteries!

FAQs

With a 24-hour trading volume of $34.27 billion, the Bitcoin price is exchanging hands at $98,304.63 at the time of writing.

The crypto market is highly volatile at this point in time. While the short-term prospects hint at a bearish outlook, the long-term sentiments are optimistic.

Amid increased adoption and rising bullish sentiment, the BTC price could surpass the $600,000 mark by the year 2030.