Key Takeaways
- BTC trades above $90,000 after trading in a downtrend for the past few weeks as the price attempts to rebound towards $107k.
- Crypto experts and traders hint at a possible market rebound as whale activities increase in the last couple of days.
- Bitcoin’s technical indicators and price indicate short-term bullish market sentiment as traders and investors are buying.
Things are beginning to look good once more for Bitcoin (BTC) and the general crypto market, although the market is still in its recovery phase following the recent market crash and the BTC Fear and Greed index hitting a low of 10 points for the first time in years.
With the price of BTC reclaiming its price above $90k, belief in the crypto market is soaring higher as whales and institutional investors are demonstrating interest in accumulating the crypto asset in large numbers and at a good buy zone.
According to Ali Martinez, Bitcoin is approaching a low-risk zone for whales and investors to buy more of the crypto asset, as the Bitcoin (BTC) Sharpe ratio is looking strong for potential upside in the coming weeks.
If the price continues to show strong upside momentum, we could see Bitcoin and the broader crypto market trade to potential highs of $107k in the coming days as the price aims to close the weekly and monthly candles strongly.
What Could Bitcoin (BTC) do in the Coming Days?
Whales and investors are buying into BTC, according to on-chain data, leading to capitulation among short holders. The price looks set for a strong rally to the upside in the coming days. If BTC trades above $100k, it could give the price a strong boost.
The current market sentiment ahead of its monthly close looks encouraging compared to previous weeks, when market uncertainties were at an all-time high as experts and traders expected prices to trade lower if prices failed to defend the key zone of $80k.
The short-term market target for BTC is in the region of $107k. A break and close above this level could see the price trade higher to the upside towards $115k or $120k. Eyes remain fixed on price action in the coming weeks before making investment decisions.
FAQs
Will BTC go back up?
The price of Bitcoin crashing to its yearly low of $80k has raised concerns among crypto traders who are not convinced of the price action.
Why did Bitcoin crash now?
The crypto market crashed due to market uncertainties and a shift in sentiment from bullish to bearish, as BTC trades with extreme caution.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $90k as it aims for a short-term price gain towards $107k.
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