Bitcoin Price Prediction Today: Will a Rebound Happen?

Bitcoin’s Current Market Scenario: How is Bitcoin Faring Now? 

Bitcoin is currently trading at around $84,537.03. The price has decreased by 1.7% in the past 24 hours. The market cap touched $1.67 trillion.

The Fear & Greed Index value of 14 (Extreme Fear) suggests that investors are cautious. The market sentiment remains bearish. Accentuating the concerns, the volatility remains high at 7.55% as well. 

• Fear & Greed Index: 14 (Extreme Fear)
• Market Sentiment:  Bearish
• Supply Inflation: 0.84% (Low)
• Dominance: 58.28%
• Volatility: 7.55% (High)

Bitcoin Price Prediction Today 

As for today, Bitcoin is projected to hover around $83k to $84k level. Nevertheless, the 14-day Relative Strength Index has entered the oversold territory, and the odds of Fed rate cuts have gone up; both these factors suggest that a rebound is still on the table. 

BTC Price Prediction Tomorrow, & This Week

The price of Bitcoin for the upcoming week is projected to stay within an average price range of $72,780.54 to $83,551.4. Nonetheless, if the market gets a renowned momentum with rising hopes about Fed rate cuts, Bitcoin may reclaim $100k level in the upcoming weeks. 

Market Outlook: Technicals, Institutional Activity & Macro Trends

The Bitcoin price largely depends on factors such as macroeconomic developments, institutional activity, and technical indicators. Here is a detailed look at each of these factors. 

Technical Signals Show Mounting Selling Pressure

Bitcoin is selling below the 10-day Exponential Moving Averages (EMA) and Simple Moving Averages (SMA). The MACD histogram is showing a bearish crossover. The 14-day Relative Strength Index (RSI) entered the oversold territory with a value of 22. Both market oscillators and moving averages show mounting selling pressure. The token also failed to hold key support levels at $85k. 

The Record Liquidations And Whale Activities 

The crypto market had witnessed another wave of billions worth of liquidations. Nearly $2 billion was liquidated from the market in 24 hours. Even the long-term holders are experiencing losses and moving towards de-risking. The massive liquidations and whale offloading are anticipated to deepen the bearish sentiments in the upcoming weeks without a strong stimulus.

The Volatile ETF Flows 

Despite the doom and gloom, the Bitcoin Exchange Traded Funds (ETFs) were in green, with 109.40 million net inflows yesterday, November 21. The ETF flows are showing high volatility with a net loss of 177.90 million in the past week. The fluctuating numbers clearly show that institutional investors are extremely cautious and skeptical about the price movements. 

The Odds of December 10 Fed Rate Cuts Go Up

The Federal Reserve Bank of New York President, John Williams, yesterday commented that he viewed monetary policy as being modestly restrictive, although somewhat less so than before their recent actions. Therefore, he still saw room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of their two goals. Amid the shifting narratives, the CME FedWatch data shows a 71% likelihood of a December rate cut. If the trend continues, it is anticipated to reduce the macro pressure in the market.

The Bottom Line

The 14-day Relative Strength Index entering oversold territory suggests a reversal of trend may be around the corner. Moreover, the odds of Fed rate cuts have gone up, and ETF flows have turned positive. Even so, the crypto market is highly volatile, hence deeper corrections before a rebound cannot be dismissed.

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