Bitcoin Price Prediction Today: Is BTC Price Consolidating?
Key Takeaways
- Bitcoin is trading at around $91,707.92
- The price has appreciated slightly in the past 24 hours.
- The Fear & Greed Index reading of 25 indicates that the investors continue to be cautious.
- Bitcoin is projected to hover within a price range of $88k to 92k.
- The price is forecasted to consolidate for today if the market continues to remain without any strong catalysts.
- If the token fails to hold the current $92k level, the next support level, 90,377, will become crucial.
- As the uncertainties loom, the investors are advised to move with caution.
Bitcoin’s Current Market Scenario
Bitcoin is trading at around $91,707.92 ; the price has appreciated slightly in the past 24 hours. The market cap touched $1.81 trillion. The 24-hour trading volume went down by 28%. The token is trading below the 200-day Simple Moving Average (SMA). The Fear & Greed Index reading of 25 indicates that the investors continue to be cautious. The market sentiment is still bearish, and the volatility remains high. The following are the key market indicators and their value.
- Fear & Greed Index: 25 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.86% (Low)
- Dominance: 58.75%.
- Volatility: 8.61% (High)
Bitcoin Price Prediction Today
Bitcoin is projected to hover within a price range of $88k to 92k. The price is forecasted to consolidate for today if the market continues to remain without any strong catalysts. If the token fails to hold the current $92k level, the next support level, 90,377, will become crucial.
Bitcoin Price Prediction Tomorrow, & This Week
For the upcoming week, the price of bitcoin is anticipated to stay within a price range of $89,618.26 to $100,706.5. Nevertheless, considering the volatile nature of the crypto market, deeper corrections can not be dismissed.
| Date | Day of week | Daily Low | Daily High | Average |
| 29/11 | Saturday | $89,618.26 | $94,376.5 | $91,997.38 |
| 30/11 | Sunday | $90,785.83 | $96,884.14 | $93,834.99 |
| 01/12 | Monday | $91,390.26 | $97,984.5 | $94,687.38 |
| 02/12 | Tuesday | $92,234.26 | $97,276.49 | $94,755.38 |
| 03/12 | Wednesday | $92,425.03 | $99,412.58 | $95,918.81 |
| 04/12 | Thursday | $96,208.17 | $100,706.5 | $98,457.34 |
| 05/12 | Friday | $96,785.56 | $100,464.3 | $98,624.93 |
Market Outlook: Technicals, Institutional Activity & Macro Trends
Technical Analysis: The Technical Signals Indicate a Muted Momentum
Bitcoin is trading above the 10-day Simple Moving Average and Exponential Moving Average. Besides, MACD is having a bullish crossover. The 14-day Relative Strength Index (RSI) 41 indicates a neutral stance leaning towards the bearish side. The token is trading below both the 50-day and 200-day Simple Moving Averages.
The trend is up today, but the trading volume is down, showing a lack of conviction in the uptrend. The 24-hour funding rate is high, hence a squeeze cannot be ruled out. While the exchange reserves are rising, showing the persisting selling pressure. The 24-hour open interest rate is slightly down.
The overall technical analysis shows a neutral position leaning towards bearish sentiments. To sum it up, the downside risks are higher while the upside seems weak. The next support level available for the token is at 90,377. An uptrend is unlikely to occur if the market remains bereft of any stimulus.
ETF Flows Reflect Investor Caution
The Bitcoin ETFs have recorded a moderate gain of $1.72 million yesterday, 27 November. The ETF flows over the past week recorded a net outflow of 903.20 million. The ETFs largely mirror the risk-averse position taken by the investors.
JP Morgan’s Shifted Expectations Rise Hopes for a December 10 Rate Cut
JPMorgan is now expecting a 25-basis-point rate cut on December 10. The CME FedWatch data shows that traders are now pricing in an 84% possibility for Fed rate cuts. The shifting narratives may help the token to consolidate without experiencing major corrections.
The Bottom Line: What Lies Ahead for BTC?
The bitcoin price seems to be consolidating while investors have more or less moved to a cautious position. The crypto natives are waiting for a strong macro signal to add renewed bullish momentum in the market. As the uncertainties loom, the investors are advised to move with caution.
Disclaimer: These crypto price forecasts are based on predictive modeling and should not be considered financial advice.
Crypto & Blockchain Expert