Bitcoin has reclaimed the $97,000 mark with a 24-hour trading volume of $100.528 billion. Notably, the largest cryptocurrency by market cap has displayed a neutral price action over the last week, highlighting a cool-off phase for it.
The Simple Moving Average (SMA) shows a bearish convergence in the daily time frame. This displays an increase in the selling-over-buying pressure for the Bitcoin token in the market.
The Moving Average Convergence Divergence (MACD) records a constant red histogram, with its averages showing a steady decline in the BTC price chart. This suggests a negative outlook for the largest token by market capitalization.
If the BTC token regains momentum, it may reclaim its $98,000 mark. If the bulls gain traction, this could push the price of Bitcoin toward the $100,000 mark.
However, a bearish action could pull the price toward $95,000. Furthermore, if the bears dominate the crypto space, the price of Bitcoin could plunge toward its low of $92,000 today.