- summary:
- Bitcoin has struggled to turn the $ 94,000 mark to the support level, although strong ETF flows. We discuss her outlook in the short term.
The price of Bitcoin continues to face the resistance at the mark of 94 thousand dollars heading to the weekend, but 10 % gains in the past seven days have created essential difficulty. The feeling of the ETF market is reflected in which the investment funds circulated in Bitcoin Sot were in a five -sessions chain.
Eleven Bitcoin Spot ETFS has recorded $ 442 million flows on Thursday, which led to total flows in the past four days to $ 2.6 billion. This confirms strong institutional confidence in the future Bitcoin capabilities, which is good for upward prices. However, its momentum can be disrupted due to the uncertainty surrounding the trade relations between the United States of China.
The BTC trading volume has decreased by 13 % in the past 24 hours, indicating a decrease in purchase appetite. This is likely to be informed of events in the wider financial markets. The American commercial policy has disrupted the markets, which reduced the appetite of high -risk assets such as cryptocurrencies. The continuation of this feeling will maintain the price of bitcoin. RSI on the daily chart in 67, indicating the upscale control of its arrest area. In addition, the average trend index (ADX) is at 22, which indicates twice the bullish direction. BTCUSD will not only need to violate a mark of $ 94,000, but also to turn it into a support level to build a strong preposition to achieve continuous gains.
Bitcoin prediction
The momentum indicates the price of bitcoin that the sellers will likely control if the resistance continues at 93,850 dollars. The declining procedure is likely to find initial support at $ 93,200. However, the extended downward control will lead to a decrease in this level and the procedure can take less to test 92,500 dollars.
On the other hand, it will indicate going to above 93,850 dollars to the beginning of the bullish control, with a preliminary resistance that is likely to be 94,000 dollars. A fracture above this level will nullify the thesis of the negative side. Also, the resulting momentum can extend the gains and test the second resistance at 94,800 dollars.
