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Bitcoin price prediction: Assessing BTC’s odds of staying above $100K
As the cryptocurrency market continues to fluctuate, the current price level of Bitcoin (BTC) has been in focus. The digital asset has consolidated within the $100K-$105K range after Trump’s inauguration and there are concerns on whether it will stay above this mark.
Bitcoin extended its price range by sticking within the $90K-$108K bracket, with bulls previously relying on the 50-EMA (yellow) on the 4-hour chart for short-term re-entry. However, key chart indicators signaled increased weakening. The Directional Movement Index (DMI), in particular, displayed a decline in momentum as the red line moved below the green one, which could embolden short-sellers.
Similarly, the 4-hour RSI slipped beneath fifty at press time, hinting at muted demand, possibly related to caution post-inauguration. This bearish reading may put the $100K support and mid-range in danger. If breached, it might lead BTC towards the lower end of the range at $96K or potentially as low as $92K.
Despite this negative outlook, there is a significant body of liquidity (bright yellow) at $109K on the liquidation heatmap. This suggests that several market participants have shorted the asset at its recent all-time high. As a result, the considerable amount of liquidity could function as a price magnet and push prices upward if so many players are betting against the asset’s decline.
On the other hand, although sentiment in the spot markets appears cautious, the futures market stays bullish. According to QCP Capital, there were more bullish bets than bearish ones on the Futures side by a ratio of approximately 20:1.
Source: ambcrypto.com
