Key Takeaways
- Bitcoin trades above $115,000 in a range as traders and investors lose patience in the last few weeks of price action.
- Crypto experts and traders hint at strong bullish market sentiment to the upside if the price of BTC retests the key $113k zone.
- BTC’s MVRV indicator hints at bullish price rally to new all-time highs if the price holds above $115k
Bitcoin is once again struggling to trade higher, as the price has remained in a range for weeks, trading between approximately $110,000 and $117,000. The price’s rally towards $117k high was rejected as key resistance.
The price of BTC must break above this zone convincingly for the price to trade towards its next all-time highs, as altcoins such as Binance Coins, Solana, and Ethereum have looked stronger in the last few weeks than the number one cryptocurrency by market cap.
BTC Market Sentiment
Crypto experts think that if the price of BTC continues its range price movement, it could give altcoins some space to rally to the upside, similar to the price action seen with BNB, as the price traded towards a new all-time high of $1,055 for the first time since the bull market of 2021.
Bitcoin’s current price action has generated considerable price speculation in the last few trading days, as crypto experts hint at a potential price decline toward the key demand zone of $113,000, which would fill up buy orders. However, other crypto experts have hinted that the price will continue to rise, keeping many traders and investors sidelined.
MVRV Bitcoin Price Prediction
According to on-chain data from Bitcoin MVRV by Ali Martinez, a well-known Bitcoin and on-chain analyst on his X account, he speculated that the price of BTC sits at a key area of interest, as the price of Bitcoin defending this zone of $115,400 could see a strong bullish price action to the upside of $137,000, new all-time highs.
While this indicator must have worked in previous price action for BTC, traders and investors would need more bullish price confirmation to the upside before making the next investment decision.
Despite BTC trading in a range, a breakout to the downside could see the price correction toward lower price points, with $100,000 being a potential target after retesting the $108,000 zone. On several occasions, this area has been too weak to defend the price.
In the next few days, more attention will be on BTC to determine its next price action for traders and investors.
FAQs
Bitcoin price today
BTC currently trades above $115,400 at the point of writing.
How much is Solana today?
The price of SOL trades around $237 at the point of writing this article.
Can Solana hit $1000?
There is strong speculation that SOL will hit $300 before the year ends, rather than for the price to trade around $1k.
Can Solana get to 10k?
This is highly unlikely at the moment, but we cannot rule out its potential in the future.
Related Read
