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Bitcoin Price Prediction – Will $100K Hold On Despite Risk-Off Sentiment?
The recent market turmoil has sparked a wave of uncertainty in the cryptocurrency space. The price movement of Bitcoin (BTC) is no exception. Amidst this heightened risk-off sentiment, it’s crucial to evaluate whether $100K will hold on despite these challenges.
Bitcoin’s impressive rebound from $75K to over $100K has allowed bulls to regain control. However, a closer look at the market reveals that price momentum has stalled and briefly dipped into negative territory. This shift in momentum might indicate an imminent correction or further gains.
Analysts at Swissblock and Bitcoin Vector researchers have identified that the overall risk regime for Bitcoin is currently low. This corresponds with the asset’s recent Q2 rebound, which saw it rise from $75K to over $100K. However, they also caution that if the indicator shifts to high-risk and the price dips below $100K, a more significant correction could be on the horizon.
In the near term, the market is expected to be driven mainly by liquidation hunting. This sentiment has been further amplified by CoinGlass’s 30-day liquidation map. The map highlights key price magnets at $111k, $109k, $103k, and around $100k. Notably, there doesn’t appear to be significant liquidity below $100K – a sign that it could serve as short-term support.
What does this mean? It implies that Bitcoin’s short-term price action might be influenced by liquidation hunts.
Source: ambcrypto.com
