Amid the ongoing market volatility, the Bitcoin price is back above the $87,000 mark. However, the crypto token has repeatedly failed to hold its value above the $88,000 mark, highlighting a strong liquidation point around that level. But surprisingly, the dominance of this digital asset is on a constant rise, raising serious concerns about the future market prospects.
On the other hand, the technical sentiments highlight a potnetial bearish pullback within a short period. This comes after marketeres rising bearish outlook on the price prospect of the market. While, the BTC price stabilizes, investors are now skeptical about a huge Bitcoin crash in the coming time.
Crypto Market Bets Against Bitcoin This Week!
As per the latest reports, Bitcoin faces a huge threat of a major correction this year. On Binance cryptocurrency exchange, the world’s largest centralized crypto exchange, the accounts with a short option on Bitcoin is significantly higher.
While 37.82% of the accounts have placed a long order, 62.18% of accounts hae placed a short order, and only 0.61% of the accounts have a short/long order. This highlights that a huge number of accounts are now predicting a possible Bitcoin correction and have placed thier bets on it.
This raises major concerns about a potnatial market break down in the shorter time frame. Further, this has now started to create a FOMO-like situation in the crypto community as such situations generally occur during the times of uncertainty.
Let us now understand the short-term market dynamics and potential Bitcoin price prediction for this week!
BTC Price Stumbles Around the $87K Mark!
With a jump of 3.46%, Bitcoin price today is back above the $87,000 mark. Reportedly, the largest crypto token has experienced a surge of 167.29% in its intraday trading volume to $37.66 billion. Following this, the dominance of this crypto token has surpassed 63.5% for the first time in months.
The Cross EMA 50/200-day displays a notable after experiencing a Golden Cross in the Bitcoin price chart. This type of pattern ideally highlights an increase in the buying-over-selling pressure for the largest crypto in the market.
Furthermore, the Moving Average Convergence Divergence (MACD) witnesses a rising green histogram in the daily time frame, with its averages recording a similar price trend. This hints at a positive outlook for it this week.
Will BTC Fall Again Today?
If the crypto market favors the bulls, this could push the price of Bitcoin toward its immediate resistance zone of $90,000. Moreover, if the bulls outrun the bears, this could push the price toward its upper resistance level of $91,150 this week.
Conversely, if the bears regain momentum, the BTC coin price could drop toward its important support level of $87,000. Suppose, the bulls fail to regain momentum at that point, this could pull the price of it toward its lower support level of $85,000 in the upcoming time.
Also Read: Arthur Hayes Predicts Last Chance to Buy BTC under $100K
