Despite the bullish sentiment in the altcoin market, BTC price is still struggling around $96,000. Consequently, the dominance of the largest cryptocurrency has dropped to 54.38%, the lowest level in four months.
In this article, we present the latest Bitcoin price analysis and mention possible short-term price prospects.
BTC price shows a consolidation price trend.
The Bitcoin price has experienced about a week of consolidation, highlighting a decrease in buying and selling pressure. Additionally, its trading value is $96,139.92, with a market capitalization of $1.902 billion.
The Simple Moving Average (SMA) acts as support for the BTC price chart on a daily timeframe, indicating strong bullish influence for the star cryptocurrency in the market.
Moreover, the Relative Strength Index (RSI) continues to hover near the overbought range. However, due to its average trend line being downward, BTC price suggests a mixed outlook for today's price movement.
Bitcoin ETF update.
In the last 24 hours, only 2 out of 11 BTC ETFs experienced negative outflows, with BlackRock's 'IBIT' seeing the highest inflow of $338.3 million, followed by Fidelity's 'FBTC' with an inflow of $25.1 million.
On the other hand, the fund flows of Bitwise, Valkyrie, and WTree are neutral. Additionally, the net fund outflow for Bitcoin ETFs on December 2 amounted to $39 million, reaching +$353.6 million.
Will BTC price reach $100,000 tomorrow?
If the bulls regain momentum, the Bitcoin price will retest its resistance level of $97,000. Maintaining a price above this level could drive the cryptocurrency's price to $98,000.
However, a bearish reversal could pull the price towards the support level of $95,000. Additionally, if a sell-off occurs, it may lead to a retest of the lower psychological level of $92,000.