The recent price movements of Bitcoin sparked the discussion about its next big step, as the cryptocurrency is hovering between the main resistance and support levels.
The broader encryption market increased by 2.21 % overnight, prompting the total market value to $ 3.24 trillion, while Bitcoin itself recorded a profit of 1.14 % over the past 24 hours, as it traded 34.27 billion dollars.
source: Coinmarketcap
Despite the bullish trend in the short term, there are still questions about whether Bitcoin can maintain this momentum or if the decline is on the horizon.
Technical indicators indicate conflicting signals, with an imminent gathering of about $ 100,000, while others alluded to correction to $ 92,000.
With macroeconomic factors, institutional attention, and data on the series that constitute the market expectations, the next step for Bitcoin remains unconfirmed.
Technical indicators highlight critical price levels
Bitcoin price movement was mixed during the past month, with an increase of 4.21 % despite a 1 % decrease during the past week. Its return from the year to date is 5.24 %, which reflects a lunar but fixed trend.
The main technical indicators show a divided market.
The difference in moving average rapprochement (MACD) remains in the descending lands, and displays a red graph, indicating increased pressure pressure.
At the same time, the 50 -day SIA moving average (EMA) is about to bullish intersection with EMA for 200 days, a historical signal of upward momentum.
If this intersection is achieved, Bitcoin can test $ 100,000 in the short term, but failure to retain current levels can be paid by about $ 92,000.
The scales on the chain also indicate changing feelings.
The accumulation of the whale has increased in recent weeks, indicating confidence between adult holders, yet the stock market reserves increased, indicating the potential pressure pressure.
A mixture of these factors makes the Bitcoin path in the short term very uncertain.
Trends of macroeconomics affect the price of bitcoin
In addition to technical factors, the total economic conditions play a decisive role in forming bitcoin price. The latest inflation data in the United States has raised speculation about the next step for the federal reserve, as the market is now pricing at a possible price in mid -2015.
Historically low interest rates boost risk assets, including bitcoin, where investors seek high alternatives to return.
Meanwhile, the US dollar index (DXY) showed strength, which could weigh the price of bitcoin in the short term.
The strongest dollar often leads to pressure on bitcoin, which makes reaching the goal of $ 100,000 more difficult.
However, if the dollar is weak in the DOVISH federal signs, Bitcoin may gain the momentum to overcome its highest level ever.
Institutional activity is still a decisive factor. Bitcoin’s investment funds have witnessed record flows, as institutional investors increase their exposure.
This demand can provide a strong basis for the next Bitcoin assembly, provided that the conditions of the broader market remain supportive.
Bitcoin price path
Bitcoin price movement in the coming days depends on whether buyers can maintain the current upward momentum.
If Bitcoin succeeds in scanning $ 100,000, this may lead to an increase in equivalent of about $ 105,000 and beyond.
However, failure to maintain gains over resistance levels can lead to a re -test of $ 95,000, with a deeper correction that is likely to send to $ 92,000.
Short -term traders are likely to see the main support and resistance levels closely, where any decisive step can determine the tone of the next main direction.
With Bitcoin at a decisive turn, the coming weeks can determine whether they finally exceed six numbers or face another sharp correction.
Predictive Prices of Bitcoin: 100 thousand dollars or $ 92,000 fell? First appeared on Invezz
