The Bitcoin price has displayed increased price volatility over the past few days, resulting in its value successfully holding above the $100,000. Furthermore, it reclaimed the $104,000 mark today. However, the on-chain sentiments of this crypto project indicates a potential correction during the upcoming days.
On the other hand, in the last three weeks, spot Bitcoin ETFs have seen a record monthly inflow of $5.3 billion, with the largest single-day investment of $933 million set on April 22. BlackRock, Fidelity, and ARK 21Shares are some of the companies taking the initiative, pointing to more institutional investors seeing Bitcoin as a primary asset.
With this, investors are curious to find-out the market sentiments, technical sentiments, and possible Bitcoin price prediction for this week and beyond. Are you one of many who are planning to do the same? Scroll down to explore the possible short-comings.
BTC Token On-chain Records Increased Volatility
As per the latest on-chain data, Bitcoin whales have booked profits by selling over 30,000 Bitcoins in just 3 days. This highlights an increase in the profit-booking for the largest token in the market. Further, it suggests a crucial watch period for it in the cryptocurrency market.
On the other hand, the Bitcoin heat map raises concern about the short-term price prospects. As per the data of CoinGlass, the BTC token is on the verge of experiencing a significant liquidation once it reclaims the $105,000 mark this month.
Bitcoin Price Prediction For This Month
Bitcoin price today has maintained a stable price action by recording a variation of less than 1%. Notably, the largest crypto project has displayed a trading volume of $46.23 billion. Moreover, with a market capitalization of $2.065 trillion, it has a market dominance of 62.043%.
The Moving Average Convergence Divergence (MACD) records a constant decline in the green histogram in the daily time frame. Moreover, its averages 12 & 26-day displays a high possibility of a bearish convergence, suggesting a negative outlook for the star crypto in the market.
Furthermore, the SMA indicator has acted as a strong support to the price chart. This highlights that the largest crypto token may continue gaining momentum in the upcoming time.
Will Bitcoin Price Surge Higher?
If the bullish sentiment sustains, this could result in the price of Bitcoin retesting its immediate resistance level of $105,000 this weekend. Furthermore, if the bullish action intensifies, the BTC price could prepare to retest its ATH of $109,114 in the upcoming time.
Conversely, if the bears outrun the bulls, the Bitcoin price could drop toward its immediate support level of $100,000. Moreover, if the bulls fail to regain momentum at that point, the largest crypto token could plunge toward its important support level of $98,000 this month.
Also Read: You Only Need $8B to 51% Attack Bitcoin: Fact Check
