Will Bitcoin pull back? Let's talk about market sentiment and technical aspects
Bitcoin is something that people both love and hate. Everyone hopes for its rise, but sometimes the market just loves to play tricks on you. For instance, recently someone predicted that Bitcoin could rise to $110,000, and what happened? The price actually fell.
You see, the current trading price of Bitcoin is $98,268. Although it has risen a little, just 0.08%, it had earlier surged to $99,950, only to be blocked by the 100-day moving average. Right now, the 200-day moving average is there to support it, whether it can hold depends on the upcoming trends.
However, not all indicators are so optimistic. The Relative Strength Index (RSI) is currently at 53.60 and is still declining, indicating that the momentum is not strong. The trading volume has also decreased by 17.90%. Although the Fear and Greed Index is at 79, which looks quite “greedy,” the market is actually still a bit pessimistic.
Interestingly, the price movement of Bitcoin often goes against market sentiment. For example, back on December 15th, social media was buzzing about Bitcoin rising to $110,000, but the price actually fell. This isn't the first time in history that this has happened.
Now let's talk about Bitcoin's market dominance, currently at 58.43%, indicating that people still prefer Bitcoin over altcoins. This dominance has always been a support zone; if it falls below this level, the price usually has to drop.
But look at it now, the price of Bitcoin has fallen, yet its dominance has increased. What does this mean? Funds might be flowing back from altcoins to Bitcoin. However, if this really shifts, it might have to pull back first to let bearish sentiment rise, and then come back for a bullish reversal.
As for the next layout direction, I will guide everyone to aim for the lucrative opportunities in altcoins, especially those with high potential projects, where an expected gain of more than 10 times is not a problem. If you want to make big money in a bull market, like + leave a message, and I'll take you to layout the entire bull market!
