Bitcoin Price Prediction Today: Can BTC Break Key Resistance Levels?

With major altcoins entering a consolidation phase, the market opened on Wednesday with caution. Bitcoin, however, has managed to keep its price above key support levels. While the overall market sentiment was one of uncertainty and fear, the market capitalization slashed below 3.5 trillion US dollars.

In the case of Bitcoin, the bullish movement after a tight consolidation signals potential upward momentum; however, this cannot be confirmed yet, as there is an ongoing bearish action that could lead to yet another price correction.

BTC Parameters

With the current price being the result of a small bullish rise, the market remains highly uncertain. The recent US government reopening has slightly rejuvenated the market, but the uncertainties regarding the regulatory restrictions have left investors with a low risk appetite.

Bitcoin Maintains Price

Bitcoin seems to be holding up its price at the moment. There was, however, a short corrective pullback that took the price below $102,500. However, the asset is signalling a bullish outlook even in this condition. The price is backed up by buyers even in this situation of volatility.

The strong resistance posed by the bears at the $106,700 and $106300 mark continues to remain intact. This has gotten industry experts to comment that the bears remain stronger compared to the bulls. On-chain data, however, is reporting a sustained accumulation from long-term holders. Coupling this with the drop in exchange reserves, all signals point towards the fact that institutional investors remain confident.

Bitcoin Price Prediction For Today

Bitcoin, with its steady pace, may not rise much above a total of 0.25%. With the bearish signal dominating the bulls, Bitcoin could go as low as $102,755. However, since this price is above the key support level of $102,500, it is unlikely that Bitcoin will plummet further.

Bitcoin Price Prediction For The Week

For the coming week, from what we could analyze, BTC is not going to make a significant performance. This could largely be associated with the market consolidation and stronger bearish tendency. With the risk appetite of traders not yet fully returned, high-risk assets like Bitcoin are facing a slight stagnation at the moment.

As per the prediction, Bitcoin may fall below the key support levels and drop to significant lows. However, the slightly bullish outlook that the active traders are maintaining could mean that Bitcoin doesn’t fall below the $100,000 mark.

Conclusion

In conclusion, Bitcoin seems to be jammed between cautious optimism and a lingering fear that is reducing the risk appetite. Despite being able to maintain the key support level above $102,500, the larger sentiment remains uncertain, with bears dominating the bulls.

Short-term traders are treading carefully while institutional investors seem to be on a different path altogether. This is what could be drawn from the liquidity being removed from the market. Overall, Bitcoin’s coming trajectory appears to be tethered to market sentiment and macroeconomic cues. It appears that stability is preferred over profits from surges.

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