Can Bitcoin Price Bounce Back? Here are the Top Factors to Watch Now
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Key Insights
- Bitcoin price today was up around 2% but struggled to break through the $85,000 level.
- The US Spot Bitcoin ETF saw around $240 million entering into the investment instrument.
- Analyst predicts a potential recovery to $103,000 for the price of Bitcoin, before another brutal crash.
The traders are keeping close track of the Bitcoin price today, especially after the flagship crypto fell below the $81,000 mark yesterday.
Notably, the price of Bitcoin has since struggled to hold above the $85,000 level, which has spooked traders over the potential future movement of the asset.
The dip in BTC price yesterday has also triggered a massive selling pressure across the broader crypto market, with most of the top altcoins recording double-digit percentage losses. However, despite that, some experts have remained bullish on a potential recovery in the asset.
Meanwhile, this optimism was further bolstered by the positive fund flow into the US Spot Bitcoin ETF. This suggests renewed interest among institutions, especially after the investment instrument saw its second-highest single-day outflow on November 20.
Bitcoin Price Today: Bitcoin ETF Helps in Recovery
Bitcoin price today was up over 2% to $84,156 at the time of writing, but its trading volume fell more than 29% to $89 billion.
Notably, BTC price has touched a 24-hour low of $80,659 and a high of $85,503 in the last 24 hours, which has spooked traders.
Although the crypto has struggled to break through the $85k mark now, the renewed interest of the institutions has fueled market sentiment. For context, the US Spot Bitcoin ETF has reversed its course and saw $238.4 million entering on November 21.
This follows an outflow of $903.2 million on November 20, which has spooked traders. However, on Friday, BlackRock’s IBIT witnessed an outflow of $122 million.
Notably, BlackRock Bitcoin ETF recorded its highest weekly outflow this week, indicating a waning interest in the institution.
Meanwhile, the outflow from BlackRock IBIT on November 21 was most offset by the inflows of Fidelity’s FBTC and Grayscale Bitcoin ETF, among others.
FBTC recorded an inflow of $108 million while Grayscale BTC provided the second-highest boost with $84.9 million.
Now, as the institutions have regained interest, the market is anticipating a potential recovery in the coming week. But, apart from the positive fund flow into the US Spot Bitcoin ETF, the investors are now anticipating the retail traders to come to the rescue.
So, here we explore some of the top factors that might help in a recovery for the price of Bitcoin in the near future.
Price of Bitcoin Depends on These Key Factors
As said earlier, the bets from retail traders and whales will play a key role in shaping the future trajectory of the asset.
If the selling pressure continues, then the US Spot Bitcoin ETF inflows might not have much impact on the price of Bitcoin.
In addition, the market is now awaiting the upcoming US PPI data next week for cues on the inflationary pressure.
While the market remains divided on another Fed rate cut in December, the latest dovish comments from Fed officials have offered some relief.
Now, the US PPI data is expected to play a key role in cementing bets of another Fed rate cut later this year. This, if happens, could help in a strong recovery for risk-bet assets like Bitcoin price.
Bearish Sentiment & On-Chain Data in Focus
Social media is filled with bearish discussions about the crypto market, let alone the Bitcoin price. The AI bubble concern and other factors have continued to weigh on the traders’ sentiment.
However, despite that, some experts have cited the bearish sentiment as a positive indicator. Santiment has repeatedly said that when the social media sentiment turns bearish, it usually helps in a recovery for the assets.
Now, the investors are keeping close track of the price of Bitcoin. The recovery in Bitcoin price today to $84,000 has allayed some concerns, with expert Ali Martinez highlighting the $77k mark as a key level to watch ahead.
Martinez said that 171,617 BTC are accumulated in that region, and thus, it now acts as a major support to watch for the price of Bitcoin.
Besides, as Bitcoin price today faces a critical juncture, renowned analyst Scott Melker warns of a potential retest of the $103,000 level before a possible drop to $56,000.
In a recent analysis, Melker noted that Bitcoin has lost the 50-day moving average (MA) as support for the fourth time in history. This pattern has previously led to a test of the 200 MA below, he noted.
According to Melker, this historical pattern suggests that Bitcoin could revisit the $103,000 area, where the 50 MA is currently acting as resistance. However, following the surge, the price of Bitcoin could witness a potential drop to the 200 MA around $56,000.
The post Can Bitcoin Price Bounce Back? Here are the Top Factors to Watch Now appeared first on The Coin Republic.
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Bitcoin Price Surge: Remarkable Rally Pushes BTC Above $86,000 Mark
Bitcoin Price Surge: Remarkable Rally Pushes BTC Above $85,000 Mark
Can Bitcoin Price Bounce Back? Here are the Top Factors to Watch Now
Поделиться:
Key Insights
- Bitcoin price today was up around 2% but struggled to break through the $85,000 level.
- The US Spot Bitcoin ETF saw around $240 million entering into the investment instrument.
- Analyst predicts a potential recovery to $103,000 for the price of Bitcoin, before another brutal crash.
The traders are keeping close track of the Bitcoin price today, especially after the flagship crypto fell below the $81,000 mark yesterday.
Notably, the price of Bitcoin has since struggled to hold above the $85,000 level, which has spooked traders over the potential future movement of the asset.
The dip in BTC price yesterday has also triggered a massive selling pressure across the broader crypto market, with most of the top altcoins recording double-digit percentage losses. However, despite that, some experts have remained bullish on a potential recovery in the asset.
Meanwhile, this optimism was further bolstered by the positive fund flow into the US Spot Bitcoin ETF. This suggests renewed interest among institutions, especially after the investment instrument saw its second-highest single-day outflow on November 20.
Bitcoin Price Today: Bitcoin ETF Helps in Recovery
Bitcoin price today was up over 2% to $84,156 at the time of writing, but its trading volume fell more than 29% to $89 billion.
Notably, BTC price has touched a 24-hour low of $80,659 and a high of $85,503 in the last 24 hours, which has spooked traders.
Although the crypto has struggled to break through the $85k mark now, the renewed interest of the institutions has fueled market sentiment. For context, the US Spot Bitcoin ETF has reversed its course and saw $238.4 million entering on November 21.
This follows an outflow of $903.2 million on November 20, which has spooked traders. However, on Friday, BlackRock’s IBIT witnessed an outflow of $122 million.
Notably, BlackRock Bitcoin ETF recorded its highest weekly outflow this week, indicating a waning interest in the institution.
Meanwhile, the outflow from BlackRock IBIT on November 21 was most offset by the inflows of Fidelity’s FBTC and Grayscale Bitcoin ETF, among others.
FBTC recorded an inflow of $108 million while Grayscale BTC provided the second-highest boost with $84.9 million.
Now, as the institutions have regained interest, the market is anticipating a potential recovery in the coming week. But, apart from the positive fund flow into the US Spot Bitcoin ETF, the investors are now anticipating the retail traders to come to the rescue.
So, here we explore some of the top factors that might help in a recovery for the price of Bitcoin in the near future.
Price of Bitcoin Depends on These Key Factors
As said earlier, the bets from retail traders and whales will play a key role in shaping the future trajectory of the asset.
If the selling pressure continues, then the US Spot Bitcoin ETF inflows might not have much impact on the price of Bitcoin.
In addition, the market is now awaiting the upcoming US PPI data next week for cues on the inflationary pressure.
While the market remains divided on another Fed rate cut in December, the latest dovish comments from Fed officials have offered some relief.
Now, the US PPI data is expected to play a key role in cementing bets of another Fed rate cut later this year. This, if happens, could help in a strong recovery for risk-bet assets like Bitcoin price.
Bearish Sentiment & On-Chain Data in Focus
Social media is filled with bearish discussions about the crypto market, let alone the Bitcoin price. The AI bubble concern and other factors have continued to weigh on the traders’ sentiment.
However, despite that, some experts have cited the bearish sentiment as a positive indicator. Santiment has repeatedly said that when the social media sentiment turns bearish, it usually helps in a recovery for the assets.
Now, the investors are keeping close track of the price of Bitcoin. The recovery in Bitcoin price today to $84,000 has allayed some concerns, with expert Ali Martinez highlighting the $77k mark as a key level to watch ahead.
Martinez said that 171,617 BTC are accumulated in that region, and thus, it now acts as a major support to watch for the price of Bitcoin.
Besides, as Bitcoin price today faces a critical juncture, renowned analyst Scott Melker warns of a potential retest of the $103,000 level before a possible drop to $56,000.
In a recent analysis, Melker noted that Bitcoin has lost the 50-day moving average (MA) as support for the fourth time in history. This pattern has previously led to a test of the 200 MA below, he noted.
According to Melker, this historical pattern suggests that Bitcoin could revisit the $103,000 area, where the 50 MA is currently acting as resistance. However, following the surge, the price of Bitcoin could witness a potential drop to the 200 MA around $56,000.
The post Can Bitcoin Price Bounce Back? Here are the Top Factors to Watch Now appeared first on The Coin Republic.
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$ 85.91K
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В этой новости
Монеты
$ 85.91K
+1.59%$ 0.00132
-1.72%$ 86.01K
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Bitcoin Price Surge: Remarkable Rally Pushes BTC Above $86,000 Mark