Bitcoin Price Prediction Today: Will the BTC Stabilize Around $94k-$97k Today?
Key Takeaways
- Bitcoin is currently trading at around $93,315.30.
- The BTC is likely to remain rangebound between $90k and $94k for today.
- If the price moves up, BTC will face resistance around $94k to $97k and is likely to stabilize around that zone.
- If the market fails to gather momentum, a dip to $87k can not be ruled out.
- The current price trajectory is driven by a combination of macro and institutional tailwinds.
- The investors are advised to proceed with cautious optimism, considering the fragile nature of the crypto market.
Bitcoin’s Current Market Scenario: How is BTC Performing Now?
Bitcoin is currently trading at around $93,315.30. The BTC climbed by 0.79 % in the past 24 hours. The market cap edged up to $1.86 trillion. The 24-hour trading volume decreased by over 4% to touch $75.64 billion. Fear & Greed Index reading of 26 (Fear) suggests that investors are extremely cautious. The volatility remains high at 7.12%.
- Fear & Greed Index: 26 (Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.85% (Low)
- Dominance: 58.59%
- Volatility: 7.12% (High)
Bitcoin Price Prediction Today
The BTC is likely to remain rangebound between $90k and $94k for today. If the price moves up, BTC will face resistance around $94k to $97k and is likely to stabilize around that zone. But if the market fails to gather momentum, a dip to $87k can not be ruled out.
Bitcoin Price Prediction Tomorrow, & This Week
As for the upcoming week, the price of BTC is projected to remain within a range of $86k to $96k if the current market scenario continues.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 05/12 | Friday | $94,000.62 | $95,134.8 | $94,567.71 |
| 06/12 | Saturday | $93,208.00 | $93,975.46 | $93,591.96 |
| 07/12 | Sunday | $93,389.88 | $94,809.82 | $94,099.85 |
| 08/12 | Monday | $86,875.74 | $93,226.81 | $90,051.28 |
| 09/12 | Tuesday | $89,237.37 | $95,117.46 | $92,177.42 |
| 10/12 | Wednesday | $94,043.21 | $96,959.81 | $95,501.51 |
| 11/12 | Thursday | $95,729.18 | $96,848.21 | $96,288.7 |
Market Outlook: What Do Technical Indicators, Institutional Activities & Macro Trends Indicate?
The price movements of BTC are largely shaped by institutional interest, macroeconomic factors, and technical indicators. Here is a detailed analysis of each of these factors.
Technical Indicators & Market Metrics Indicate a Rangebound Scenario
Bitcoin is trading above the 10-day EMA and Simple Moving Average. The MACD histogram is reflects a bullish crossover. The 14-day Relative Strength Index (RSI) reading of 49 indicates a neutral position without leaning to either side. A sustained break above $94k can confirm a strong bullish trend.
Most traders bought the dip when the BTC fell by 17% in the past month, and overhead supply at $94k-$97k could act as a strong resistance against the price rising further. Besides, the falling perpetulas open interest points out that the price is likely to remain rangebound or stabilize unless more leverage enters the market.
Institutional Endorsement Creates a Bullish Impact
The current recovery of Bitcoin is largely driven by increased institutional interest. The Vanguard lifting the ban on Bitcoin Exchange Traded Funds (ETFs) and Bank of America’s (BofA) endorsement of 1% to 4% allocation to crypto for its wealth management clients created a bullish impact on the market. Both these developments underscore the changing perception of digital currencies as an asset class. Additionally, BlackRock CEO Larry Fink and Coinbase’s Brian Armstrong endorsed crypto into the mainstream at a high-profile summit yesterday, December 3, boosting investor confidence.
The Fed Ends Quantitative Easing While Japan Moves Towards A Hawkish Monetary Policy
The December Fed rate cuts expectations were amped up as the Fed officially ended the quantitative tightening with liquidity injection. The traders are now pricing in 87% probability for the rate cuts according to the latest CME FedWatch data. While investors brace for a quantitative easing in the U.S, Japan is moving towards a hawkish monetary policy. The investors in Asia are recalibrating their investment strategies to a risk-averse position. While Fed cuts can act as a tailwind for the crypto market, the hawkish shift in Japan will be a major headwind across the Asian crypto landscape.
The Bottom Line: What’s Ahead for BTC?
The BTC is showing signs of recovery after plunging to below $90k level in the past week. The current price trajectory is driven by a combination of macro and institutional tailwinds. If the BTC can overcome the resistance in the $94k – $97k zone, rising above $100k might be around the corner. Nonetheless, the investors are advised to proceed with cautious optimism, considering the fragile nature of the crypto market.
Disclaimer: These crypto price forecasts are based on predictive modeling and should not be considered financial advice.
Crypto & Blockchain Expert