Bitcoin Price Prediction Today: Will BTC Form a Market Bottom Today?

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

Bitcoin is trading at around $87,564.45, which is below the 200-day Simple Moving Average (SMA). The price is down today, with the market cap is touching $1.73 trillion.

The price has decreased by more than 5% in the past week and by over 24% this month. The Fear & Greed Index value of 20 indicates that the investors are still cautious. Besides, the volatility remains high as well. The following are the key market indicators and their value. 

• Fear & Greed Index: 20 (Extreme Fear)
• Market Sentiment: Bearish
• Supply Inflation: 0.85% (Low)
• Dominance: 57.94%
• Volatility: 9.00% (High)

Bitcoin Price Prediction Today

As for today, bitcoin is projected to remain range-bound between $85k and $87k; nevertheless, deeper corrections cannot be ruled out as the market is yet to confirm a real bottom. 

Bitcoin Price Prediction Tomorrow, & This Week

Bitcoin is considered more of a speculative and sentiment-driven asset; hence, if the market remains devoid of any strong stimulus, the token is forecasted to remain in an average price range of $80,495.96 to $86,076.49 for the upcoming weeks. Even so, considering the volatile nature of the market, a rebound is still on the table as technical analysis shows signs of exhausted selling pressure. 

Market Outlook: Technicals, Institutional Activity & Macro Trends

The technical indicators, institutional interest, whale activities, and macroeconomic conditions are most crucial in deciding the price trajectory of the world’s most valued cryptocurrency. Here is a detailed take on each section.

Technical Indicators Hint at A Market Bottom Forming

Bitcoin is trading below the 10-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). The 14-day RSI value of 31 indicates the asset is almost oversold, and traders are now closely watching whether Bitcoin can reclaim the 35-40 level. The MACD histogram is showing a bearish crossover. The technical indicators suggest signs of exhausted selling pressure. Yet, a definitive bottom is yet to be established as there is still room for fall. 

A market bottom can only be confirmed when selling pressure becomes exhausted, as suggested by oversold indicators, trading volume shows heavy spikes, and stabilization occurs around a key support level. Currently, the trend reversal is yet to happen for both RSI and MACD. To sum it up, technical analysis clearly shows signs of a bottom forming, but further dips cannot be ruled out. 

ETF Flows Show Signs of Recovery & Whale-Retail Data Indicators a Bottom Forming

The Bitcoin Exchange Traded Funds (ETFs) gained $45.70 million yesterday, November 24. The moderate gain is overshadowed by the past week’s exodus. A net outflow of $372.80 million was recorded in the last week. The whales are taking a lot of long positions compared to retail investors; the widening of this gap usually indicates a market bottom forming.

Upcoming Fed Rate Cuts 

The cancellation of key data releases by the government has only increased the uncertainty over the December 10 rate cuts. Risk aversion is taking center stage amid looming uncertainties, which is bad news for the crypto market. 

The Bottom Line: What’s Ahead for BTC?

The Bitcoin price plunged by more than 30% from its October high of $126k, and now traders are closely watching whether they can confirm a November bottom. Being a sentiment-driven asset, the high volatility is the norm. Thus, a trend reversal cannot be ruled out in the upcoming weeks. 

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