Bitcoin Price Prediction Today: Can BTC Hold the $90K–$94K Range Ahead of PCE Data?
Key Takeaways
- Bitcoin is currently trading at around $92,307.19.
- The price posted a minor correction in the past 24 hours and is trading below the 200-day Simple Moving Average (SMA).
- The price of BTC is likely to stay within a $90k to $94k range today.
- Deeper corrections can not be ruled out if today’s U.S. Personal Consumption Expenditures Price Index shows elevated figures, leaving less room for a Fed rate cut.
- Yet, if the data comes softer than expected, the BTC may retest $94k zone.
- Macro caution and a risk-off sentiment are prevailing in the market.
- A strong macro tailwind is needed to boost the risk appetite and reverse the trend.
BTC Current Market Scenario: How is Bitcoin Faring Now?
Bitcoin is currently trading at around $92,307.19. The price posted a minor correction in the past 24 hours and is trading below the 200-day Simple Moving Average (SMA). The market cap edged lower to touch $1.84 trillion. The 24-hour trading volume declined by 20% to touch $60.68 billion. The Fear & Greed Index reading of 26(fear) shows that the investors are cautious. Moreover, the volatility remains high at 6.91%. The overall market sentiment continues to remain bearish.
- Fear & Greed Index: 26 (Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.84% (Low)
- Dominance: 58.73%
- Volatility: 6.91% (High)
Bitcoin Price Prediction Today
The price of BTC is likely to stay within a $90k to $94k range today, but the deeper corrections can not be ruled out if today’s U.S. Personal Consumption Expenditures (PCE) Price index shows elevated figures, leaving less room for a Fed rate cut. Even so, if the data comes softer than expected, the BTC may retest $94k zone.
Bitcoin Price Prediction Tomorrow, & This Week
As for the upcoming week, the BTC is projected to remain within a price range of $90k to $95k if the macro caution continues. Nevertheless, the upcoming Fed meeting is likely to be the most determining factor in deciding whether BTC can stage a rally in December.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 06/12 | Saturday | $90,616.25 | $92,508.74 | $91,562.5 |
| 07/12 | Sunday | $90,797.68 | $93,343.1 | $92,070.39 |
| 08/12 | Monday | $84,283.54 | $91,760.09 | $88,021.82 |
| 09/12 | Tuesday | $86,645.17 | $93,650.74 | $90,147.96 |
| 10/12 | Wednesday | $91,451.01 | $95,493.09 | $93,472.05 |
| 11/12 | Thursday | $91,349.78 | $95,423.09 | $93,386.44 |
| 12/12 | Friday | $92,536.18 | $94,035.49 | $93,285.84 |
BTC Market Outlook: Technical Indicators, Institutional Activity & Macro Trends
The major factors affecting the price of BTC are macroconditions, institutional activity and technical indicators. Here is a detailed look at each of these factors.
Technical Indicators & Key Market Metrics Show
The BTC is trading above the 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA). The 14-day Relative Strength Index (RSI) reading of 47 indicates a neutral stance. However, MACD is having a bullish crossover.
The BTC briefly retested $94k yesterday, December 4, but failed to overcome the resistance. This triggered automatic trading. The next support level available for BTC is at $83k to $87k. If the Bitcoin fails to hold the 90k level, dipping to $87k or below is still on the table.
The last 24-hour open interest rate dipped slightly. The data shows lesser exposure to leveraged positions, thus lesser risk of a massive wipeout and higher volatility. Nevertheless, the overall analysis suggests a mild bearish sentiment and investor caution surrounding BTC.
ETF Outflows Indicate a Risk-Averse Positioning Among Investors
The Bitcoin Exchange Traded Funds(ETFs) recorded a net outflow of $81,60 million yesterday. The ETF outflow indicates a risk-averse positioning among investors. According to SoSoValue’s latest data, iShares Bitcoin Trust ( Nasdaq: IBIT) recorded an outflow of 112.96 million. Besides, the stock of the leading BTC treasury holder Strategy (formerly) is performing poorly on Wall Street.
The Macro Caution Grips the Market Amid the Upcoming Inflation Data Release
Investors have moved to a state of macrocaution as the U.S. Personal Consumption Expenditures (PCE) Price data is scheduled for release today. If the PCE index shows a slowing of inflation, it will give the Fed room to cut interest rates. Nonetheless, the traders are now pricing in 87% probability for rate cuts according to CME FedWatch.
The Bottom Line: What’s Ahead for BTC?
The price of BTC in the upcoming weeks will be decided to a large extent by the prevailing macro conditions. Currently, a risk-off sentiment is prevailing in the market. A strong macro tailwind is needed to boost the risk appetite and reverse the trend. Amid the uncertainties, investors are advised to remain cautious.
Disclaimer: These crypto price forecasts are based on predictive modelling and should not be considered financial advice.
Also Read: Bitfinex Cites ‘Seller Exhaustion’ as Bitcoin Rebounds to $94K
Crypto & Blockchain Expert