Key Takeaways
- Bitcoin’s price remains strong above the key support zone despite continuous market uncertainty.
- If the price of BTC trades above $114,000 after its monthly close, the price has the potential to rally above $130,000.
- Crypto experts and traders remain bullish despite BTC trading in a range for weeks.
The price of Bitcoin after seeing its price crash towards a key support zone of $110,000 in previous weeks created a scare for many traders and investors as the price of Bitcoin (BTC) crashed by over 5% from its all-time highs and altcoins suffered more decline of over 8% to a key demand zone, BTC rebounded from this area to the next high.
Despite the price showing bullish price dominance, rallying above $113,000, the price of BTC, the number one cryptocurrency by market capitalization, has struggled to maintain its current price action ahead of the monthly price close.
The current price action for Bitcoin, which has returned to the key zone for the second time, has generated some market uncertainty around the price of BTC and for altcoins in the coming weeks.
Bitcoin Price Must Defend $108,000 Key Demand
Source – Bitcoin Daily Price Chart from TradingView
The price of BTC has struggled in the last few weeks, following its rally toward $124,000, which hit a key milestone as traders and whales expected the price to continue toward $150,000. The price of BTC hasn’t lived up to the expectations of many, as the price has struggled to reclaim its previous high.
After trading toward $110,000, many expected the price to break above the key resistance zone of $114,000; however, Bitcoin never reached that high, as the price was rejected and traded back into the key demand zone.
If the price of BTC fails to defend this zone, creating a higher highs structure to the upside with a clear indication of a bullish continuation, we could see further price crash into $98,500, acting as the next area of interest for many buyers and whales looking to ride the price higher.
Ahead of the monthly close, the price of Bitcoin has maintained a bullish market sentiment; however, the coming days could reveal a clear market trend for the crypto asset.
Crypto Expert Market Sentiment
Following the tweet of former Binance CEO CZ, crypto expert on X, KillaXBT, has speculated that the price of Bitcoin has, on several occasions, respected a tweet made by CZ, rallying to a new high as the price trades around key regions of interest.
Will this time be different for prices in the coming weeks as prices attempt a strong rebound to the upside?
FAQs
How much is $1 Bitcoin in US dollars?
One BTC is currently around $108,500.
What will Bitcoin be worth in the year 2030?
Prediction for BTC suggests price could trade above $150,000
How much is 1$ Bitcoin in Naira?
One BTC in Naira is worth over 169,000,000 at the current rate.
What if you invested $1000 in Bitcoin 10 years ago?
If you had invested $1,000 5 years ago, in 2015, your BTC would have been worth over $497,000.
Related Read
