The price of Bitcoin today has successfully retested the $100,000 level with a 24-hour trading volume of $84.581 billion.
This is an important milestone, indicating that the world's largest digital currency is still maintaining a stable position around this critical technical level.
However, amid questions like "Why did the Bitcoin price drop today?" or "Will the BTC price hold above $100K?", the cryptocurrency market is entering a clear state of FOMO (Fear of Missing Out).
In this article, we will provide a detailed analysis of the daily price fluctuations of Bitcoin to address the doubts and provide a clearer perspective on the trend of BTC in the coming period.
BTC Price Retests the $100,000 Mark
The price of Bitcoin this week has recorded a sideways trend, reflecting the market sentiment currently in a "cooling down" phase after a strong growth chain.
With an increase of around 4% in the past week, Bitcoin has officially achieved its long-term price target of $100,000.
The Relative Strength Index (RSI) is oscillating near the overbought zone on the daily timeframe, indicating that the uptrend is nearing an overbought state.
However, the medium-term trend line of the RSI is acting as a resistance, reflecting the market's still-divided sentiment towards this leading digital currency.
On the other hand, the Simple Moving Average (SMA) continues to support the Bitcoin price chart, providing a solid foundation for the current trend.
However, with the current market sentiment, the BTC price is exhibiting a high degree of volatility today, increasing the caution of investors in the face of potential unexpected developments.
Weekly Update on Bitcoin ETFs
Bitcoin ETFs have recorded stable inflows throughout the five trading days of this week. According to the report, from December 2 to December 6, 9 out of 11 ETFs recorded positive inflows.
- BlackRock's "IBIT" fund led the pack with the highest inflow of $2,630.8 million.
- Fidelity's "FBTC" fund came in second with an inflow of $262.3 million.
In contrast, Grayscale's BTC recorded the largest outflow of $303.5 million, followed by Ark's "ARKB" fund with a decrease of $39.1 million.
In summary, the inflows to Bitcoin ETFs this week reached $2,729.7 million, reflecting investors' continued positive sentiment towards Bitcoin, despite the short-term market volatility.
Will the BTC Price Increase This Weekend?
If the bulls gain the upper hand over the bears, the Bitcoin price could continue to retest the crucial resistance level at $100,000.
Successfully maintaining above this level could provide momentum for BTC to reach the all-time high (ATH) of around $104,000 by the end of this week.
Conversely, if strong selling pressure emerges and the price action declines, Bitcoin could retreat to the $98,000 support level.
In the case of an increase in bearish sentiment, the downward momentum could pull the BTC price down to the lower region around $95,000.
These two scenarios clearly reflect the current state of the market, as Bitcoin stands at an important threshold and investor sentiment remains divided between positive expectations and short-term profit-taking pressure.
