Bitcoin Price Prediction Today: Will BTC Rise or Fall Next?

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

Bitcoin is currently trading at around $94,928.12 and is down today, with a market cap of $1.89 trillion. The price has decreased by 10% in the past week. The Fear & Greed Index of 14 (Extreme Fear) suggests that the investors are extremely cautious. The market sentiment remains bearish with the token failing to hold $96k level. The following are the key technical indicators and their values.

• Fear & Greed Index: 14 (Extreme Fear)
• Market Sentiment: Bearish
• Supply Inflation: 0.85% (Low)
• Dominance: 59.04%
• Volatility: 4.85% (Medium)

Bitcoin Price Prediction Today

The price of bitcoin is projected to hold at $95k for today. If the current level is not held, the token may dip to $90k-$92k. If the token can hold the current level and reaching the $100k level cannot be ruled out, given that macro pressure eases and the market receives some stimulus. 

Bitcoin Price Tomorrow, & This Week

As for the upcoming week, Bitcoin is projected to remain in an average price range of $84k to $94k amid prevailing macro pressure built due to heightened fears over the uncertainty of December Fed rate cuts. A strong stimulus is required to push the price higher. 

Market Outlook: Technicals, Institutional Activity & Macro Trends

The major factor that’s driving the price down today is the macro uncertainty created by the looming tensions over the Fed rate cuts. Here is a detailed look at the technical indicators, institutional activity, and building macro pressure. 

Technical Indicators Suggest a Bearish Momentum 

The token is currently trading below the 10-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). The moving averages are giving strong sell signals. The 14-day Relative Strength Index (RSI) reached a value of 34, nearing oversold territory.  Additionally, MACD is showing a bearish crossover. 

If Bitcoin were able to hold the current $95k level, an upward move to $100k can not be ruled out. The next support available for Bitcoin is at $90k. But failing the current level, a dip to 88k to 90k may be in store in the upcoming days.

The Continued Profit-taking and Weak ETF flows suggest the Strengthening Bearish Sentiment

The profit-taking continues amid the growing macro pressure. The Bitcoin Exchange Traded Fund has recorded a net outflow of $492.10 million on November 14, reflecting the weakening institutional interest. 

Looming Fears Over Fed Rate Cuts Weakens the Market

According to FedWatch, the target rate probabilities for December 10 have reduced to 43%. Several policymakers favouring a pause on rate cuts, or sitting on the fence, have led the investors to lose confidence. An increased fed rate, strengthening the dollar, is attracting investors towards traditional investments while decreasing the investor confidence in higher-risk endeavors such as crypto.

Bottom Line: What’s Ahead for Bitcoin?

The investors are cautious about the emerging and fragile crypto market. Enhanced liquidity is crucial to attract more investors to high-reward, high-risk crypto investments. Nevertheless, for Bitcoin, the fundamentals are strong and have a nearly safe-haven investment perception. The crypto enthusiasts are closely waiting for a strong stimulus to push the price higher. It’s also worth noting that the bitcoin price predictions towards the end of the year are bullish in a range of $120k to $150k. 

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