Key Takeaways
- Bitcoin trades above $104,500 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 holds $98k zone.
- BTC’s MVRV indicator hints at a bullish price rally to $111,000 if the price trades above $104,500 as price struggles in a range.
Trading the cryptocurrency market has been the toughest in the last few weeks, as the prices of Bitcoin (BTC), Ethereum (ETH), and other altcoins saw a massive decline towards key lows. The price of BTC traded in the $98k region. ETH trading around $3,250 saw the price suffer a scare, with speculation suggesting it could trade lower.
As the price of Bitcoin continues to consolidate above $100,000 following the recent price crash from its high of $116k, we could potentially see the crypto asset’s price show some bullish price action in the coming days as it reclaims the key supply zone.
What should we expect from the price of BTC in the coming days and from altcoins?
BTC 4HR Price Analysis
Source – BTC 4hr Price Analysis from TradingView
Following the price crash of Bitcoin to $98,000, the price has responded strongly to the upside. However, if this zone fails to hold, the price could face another price crash, potentially dropping towards $77,000. As the price of the crypto asset defends this zone trading toward $104,500 ahead of a new weekly open, we could see the price aiming for the next potential highs.
A breakout above $104,500, acting as a supply zone for the price, could potentially see the crypto asset trade higher towards $111,000 if the price trades above its supply zone with strong volume.
However, if the price of BTC fails to trade above its supply zone, with strong rejection towards the lows of $100k, we could see the price of the crypto asset aim for lower regions, such as $85k to $77k. However, current price action for the number one crypto asset indicates a bullish close ahead of a new weekly close, which could lead to a price bounce to the upside.
While the price of Bitcoin continues to struggle, crypto expert Ali Martinez has speculated that a BTC price trading above $98,000 could rally higher, potentially leading to a strong performance from ETH, SOL, and other altcoins in the coming days.
Traders will pay close attention to Bitcoin in the coming few days before making investment decisions.
FAQs
Bitcoin price today
BTC currently trades above $104,500 for the first time in weeks, following a recent market crash from a high of $116k to $98k.
How much is Solana today?
The price of SOL trades around $165 at the time of writing, as it aims to rally towards $188.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $98k as it aims for a short-term price gain towards $111k.
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