Bitcoin Price Prediction Today: Can BTC Extend Its Recovery Today?

Bitcoin’s Current Market Scenario: Is Bitcoin Going Up or Down Today?

Bitcoin is currently trading at around $91,196.18. The price is up by 4.35% in the past 24 hours. The market cap touched $1.81 trillion. The 24-hour trading volume edged up by 13.85%. Despite reclaiming the $90k level, the market sentiment remains bearish.

The Fear and Greed Index value of 22 (Extreme Fear) indicates that the broader sentiment is still deeply risk-averse. The volatility remains high with 8.89% (High). The following are the key market indicators and their value.

• Fear & Greed Index: 22 (Extreme Fear)
• Market Sentiment: Bearish
• Supply Inflation: 0.86% (Low)
• Dominance: 58.47%
• Volatility: 8.89% (High)

Bitcoin Price Prediction Today

The price of Bitcoin is projected to remain range-bound between $88k and $92k for today. Bitcoin is likely to sustain its recovery if the market remains bereft of any major headwinds.

Considering the volatile nature of the crypto market, deeper corrections to the $80k level cannot be ruled out. 

Bitcoin Price Prediction Tomorrow, & This Week

For the upcoming week, Bitcoin is forecasted to stay within a price range of $89k to $95k. A surge to $99k and retesting $104k level is still on the table if the market receives any stimulus in the upcoming weeks. 

Market Outlook: Technicals, Institutional Activity & Macro Trends

The technical indicators, Exchange Traded Funds (ETFs), whale activity, and macroeconomic factors remain the most crucial factors determining the price movements. Here is a detailed look at each of these factors. 

Technical Indicators Suggest BTC is Consolidating

The BTC is trading above the 10-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) value of 41 suggests a market that is consolidating rather than decisively trending in either direction. The traders are closely watching whether the token can remain high above its 10-day Simple Moving Average for a sustained period to confirm an uptrend. If BTC successfully holds the current level, the next support levels are at $99,064 and $104,431.

ETF Flows and Whale Activity 

The Bitcoin ETFs registered a net outflow of -$21.70 million, with the Fidelity Wise Origin Bitcoin Fund (CBOE: FBTC) recording a $33.30 million outflow. The Whale activity has increased around the BTC, with many opening leveraged positions with BTC. MicroStrategy (MSTR), the leading bitcoin holder, is facing significant market backlash with its market-to-net-asset value (mNAV) dropping below 1.0. The fluctuating ETF flows and falling stocks of crypto companies reflect the sustained pressure. 

Macroeconomic Factors

Among the macroeconomic factors, the upcoming Fed rate cuts remain the most crucial ones. According to CME FedWatch, the traders are now pricing in 84.9% probability for December 10 Fed rate cuts. The hints of a hawkish policy shift are the major reason for the prevailing risk-averse attitude. 

The Bottom Line: What’s Ahead for BTC?

The macro uncertainties and volatile ETF flows show that the market continues to be under pressure. Even so, the technical indicators have improved, suggesting a rebound may be in store. Meanwhile, investors are advised to remain cautious as the crypto market remains highly dynamic. It’s known to swing from swift recoveries to sharp declines in no time. 

Disclaimer: The Above crypto price forecasts are based on predictive modeling and should not be considered financial advice.