The cryptocurrency market has recently taken a hit, losing around 2.25% of its valuation in just 24 hours. With a trading volume of $190.85 billion, the global crypto market cap is currently at $3.22 trillion. Bitcoin (BTC), the largest cryptocurrency by market cap, is hovering around the $98,000 mark, signaling a heightened bearish sentiment.
Short-Term Bitcoin Price Trends
In the past 24 hours, Bitcoin has dipped by 1.07%, with a trading volume of $69.91 billion, reflecting a 20.76% decline. Over the past week, Bitcoin has lost 4.34%, and its 30-day performance shows a drop of approximately 1.5%. Despite its dominance in the market (60.46%), Bitcoin is facing significant resistance, especially around the Simple Moving Average (SMA) on the daily time frame, further reinforcing a bearish outlook.
The Relative Strength Index (RSI) remains near the neutral zone, suggesting a lack of momentum in either direction. Combined with a negative trendline, this indicates that Bitcoin‘s price could continue its downward movement in the short term.
Bitcoin ETF Records a Surge in Inflows
Despite the bearish price action, Bitcoin ETFs are showing a different trend. Over the past 24 hours, Bitcoin ETFs experienced a record inflow of $340.71 million, with BlackRock’s “IBIT” leading the charge with $249 million, followed by Ark’s “ARKB” with $56.11 million. This suggests strong institutional interest in Bitcoin, even amidst the current price volatility.
What’s Next for Bitcoin?
If Bitcoin manages to break through its resistance and reclaim the $100,000 level, it could target $102,000 as its next point of resistance. A sustained rally could even see BTC approaching $105,000 in the coming weeks. However, if bearish sentiment prevails, Bitcoin may test its support levels around $95,000 or even drop to a low of $92,000.
Also Read: Crypto.com to Launch CRO ETF and Stablecoin in 2025, Expanding Its Financial Footprint
Given the current market conditions, it’s crucial for potential investors to closely monitor Bitcoin’s price movements. Interested in Bitcoin’s long-term prospects? Check out our latest Bitcoin Price Prediction for 2025 and gain insights into what the future holds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
