Bitcoin Price Prediction Today: BTC Slides to $89K – Will It Hold?
Key Takeaways
- Bitcoin is currently trading at around $89,877.04.
- The price inched lower by 0.7% in the past 24 hours.
- Fear & Greed Index value of 22 (Extreme Fear) suggests that the investors are extremely cautious.
- The price of BTC is projected to remain within a range of $87k to 94k for today.
- If the BTC fails to hold $90k zone, automatic selling and deeper corrections would likely follow.
- If the Fed rate cuts materialize and are not accompanied by a hawkish tone, retesting 100k is most likely in the upcoming days.
- The investors are advised to remain cautious as the crypto market is highly volatile and dynamic.
Bitcoin’s Current Market Scenario: How is BTC Faring Now?
Bitcoin is currently trading at around $89,877.04; the price inched lower by 0.7% in the past 24 hours.
The market cap touched $1.8 trillion. The 24-hour trading volume edged up by over 7% to reach $56.12 billion. The BTC is trading below the 200-day SMA, and high volatility persists. Fear & Greed Index value of 22 (Extreme Fear) suggests that the investors are extremely cautious. The overall market sentiment continues to remain in the bearish zone. The following are the key market indicators and their value.
- Fear & Greed Index: 22 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.85% (Low)
- Dominance: 58.57%
- Volatility: 6.22% (High
Bitcoin Price Prediction Today
The price of BTC is projected to remain within a range of $87K to $94K for today. If the BTC fails to hold $90k zone, automatic selling, and deeper corrections would follow.
Bitcoin Price Prediction Tomorrow, & This Week
As for the upcoming week, the price of BTC is projected to remain within a range of $90k to $93k. Nevertheless, the investors are closely watching whether the upcoming Fed decision can fuel a rally. A strong macro signal is likely to push BTC to retest $100k.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 10/12 | Wednesday | $91,963.85 | $94,876.14 | $93,420 |
| 11/12 | Thursday | $91,862.62 | $94,806.14 | $93,334.38 |
| 12/12 | Friday | $89,029.62 | $93,418.5 | $91,224.06 |
| 13/12 | Saturday | $89,881.63 | $91,016.11 | $90,448.87 |
| 14/12 | Sunday | $88,692.9 | $92,486.14 | $90,589.52 |
| 15/12 | Monday | $90,585.62 | $93,013.29 | $91,799.46 |
| 16/12 | Tuesday | $90,965.92 | $91,566.84 | $91,266.38 |
Market Outlook: Technicals, Institutional Activity & Macro Trends
The technical indicators, institutional activities, on-chain activity, and macro conditions are the key factors shaping the price trajectory of BTC. Here is a detailed look at each of these.
Technical Indicators Suggest a Persistent Bearish Sentiment
The BTC is currently holding above the 10-day Simple Moving Average and Exponential Moving Average. The 14-day Relative Strength Index reading of 45 suggests a neutral position. The MACD histogram is showing a bullish crossover. However, Bitcoin is trading below the 50-day Simple Moving Average. The investors are now closely watching whether BTC can hold $90k. The next support level available is at the 87k zone. If the BTC fails to hold the current level, a dip to the 87k to 89k level can not be dismissed.
The Long Liquidations and ETF Outflows Create Bearish Sentiment
The BTC reportedly witnessed long liquidations in the past 24 hours, exacerbating the bearish sentiments. The BTC spot ETFs have recorded a net outflow of 83.52 million yesterday, December 8. The stocks of Strategy Inc. (MSTR) are faring poorly on Wall Street. The ETF outflows and the underperformance of prominent crypto firms underscore the underlying pessimism and caution in the market.
Macroeconomic Factors: Upcoming Fed Meeting & Geo-Political Tensions Deepen Market Pessimism
The investors are waiting for the upcoming Fed meeting. Even though traders are pricing in over 87% probability for rate cuts, the investors are worried about a hawkish tone afterwards. Besides, the crypto natives are also wary of the selling that may follow post the Fed meeting. A correction is likely to follow, even if a possible rate cut can push the price higher. Besides the Fed decision, the escalating rhetoric between Russia and Europe is also deepening the market pessimism.
The Bottom Line: What’s Ahead for BTC?
The BTC had plunged to $80k zone just a few weeks after hitting an all-time high of $126k in October. Since then, due to the lingering effects of a record crash and a hawkish tone from the Fed chair, bearish momentum kept building. BTC has yet to stage a strong rebound and retest $100k and above. The investors are now closely watching whether the upcoming Fed decision can fuel a rally or not. If the rate cuts are not accompanied by a hawkish tone, retesting 100k is most likely. Nevertheless, the investors are advised to remain cautious as the crypto market is highly volatile and dynamic.
Disclaimer: The above crypto price forecasts are based on predictive modeling and should not be considered financial advice.
Crypto & Blockchain Expert