Bitcoin (BTC) is once again trading below $100k level because of uncertainty around the tariffs imposed by the trump government. This has lead to fear of a trade war.
In this article, we will look at bitcoin price analysis along with bitcoin next target and outlook.
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Bitcoin Price Analysis
Bitcoin is currently trading at $95,357, reflecting a 1.9% decrease over the past 24 hours.
Price broke above $100K resistance, making new ATH (all-time-highs) at $108K, where it got rejected again. If it breaks above $108K, it could attack $120K next.
We would be buyers on pullbacks near $90K support with upside potential back to $108K. Stop Loss at $88K.
Weekly Price Analysis
Over the past week, Bitcoin has exhibited notable volatility
- 7-day Price Change: -3.5%
- Weekly High: $98,096
- Weekly Low: $93,000
Trend: Short-term trend is Down, Medium-term trend is Neutral, Long-term trend is Strong Up.
Support and Resistance: Nearest Support Zone is $90,000.00, then $75,000.00. Nearest Resistance Zone is $100,000.00, then $108,000.00.
The cryptocurrency faced a significant drop following a higher-than-expected consumer price index report but quickly recovered. The inflation data suggested higher interest rates from the Federal Reserve thereby making bonds more attractive investments.
However, reassurances from Fed Chair Jerome Powell about inflation’s decline helped stabilize the market.
Technical Indicators
- Relative Strength Index (RSI): Currently at 45.
- Moving Averages:
- 50-day SMA: $96,500
- 200-day SMA: $90,000
Bitcoin is trading below its 50-day SMA but remains above the 200-day SMA. It is suggesting a potential consolidation phase.
News & Developments
Bitcoin Next Target:Outlook
Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
The crypto market is in for a good bull run so this could be a good accumulation zone for investors.
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