Amid the fears caused by Donald Trump, the President of the United States of America affecting tariffs on major trading partners, including China, Canada, and Mexico, wiped $2.26 billion from the crypto market. Following this, the Bitcoin price plunged below $95,000 over the past 24 hours after declining nearly 6% in seven days.
Considering the present market sentiments, is this a good time to invest in Bitcoin? Moreover, investors are concerned about another potential crypto crash this week! In this article, we have uncovered the market sentiments and possible short-term Bitcoin price analysis.
BTC Price Breaks Its Important Support Trendline!
The price of Bitcoin has dropped ~5% in 24 hours with a trading volume of $102.53 billion. Moreover, it has lost 6.71% in the last seven days and ~6% over the past month. Further, with a market capitalization of $1.889 Trillion, the Bitcoin price dominates at 60.84%.
The Relative Strength Index (RSI) displays a sharp drop toward the oversold range in the daily time frame. Moreover, its average trendline acts as a resistance to the Bitcoin price chart. This suggests an increase in the selling pressure for the largest crypto token in the market.
On the other hand, the SMA indicator witnesses a similar price trend in the price chart. This indicates that the price of Bitcoin may continue losing value in the coming time.
Will BTC Price Recover This Week?
If the bulls regain momentum, the Bitcoin price will retest its immediate resistance level of $98,000. Maintaining the price above that level could set the stage for it to head toward its milestone price of $100,000 this week.
On the contrary, if the bears outrun the bulls, the BTC price will retest its important support level of $92,000. Furthermore, if the bearish sentiment intensifies, this could result in the largest crypto token plunging toward its lower support level of $90,000.
Are you one of many who are wondering if the BTC price will hit $150,000 in 2025? Read CoinPedia’s Bitcoin Price Prediction to uncover the long-term mysteries!
FAQs
Amid the ongoing global tariff tensions between the U.S. and other nations, the crypto market has experienced a significant correction.
If the bull regains momentum, the price of BTC could reach a maximum of $170,000 this year.
At the time of writing, the value of 1 BTC was $95,577.96.
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