Bitcoin (BTC) continues to hover around the $95,000-$96,000 mark as it struggles to build momentum and go above $100,000. Outflows from spot Bitcoin ETFs have stalled progress towards $100,000, with BTC facing a slight pullback over the weekend. However, despite the decline on Saturday, BTC remained above $95,000, which analysts believe is a sign of positive interest from investors.
BTC’s price chart shows subdued movements since November 22, when the price peaked above $99,600. However, it has struggled since and has been unable to move towards the $100,000 mark. BTC registered a substantial decline last Sunday, slipping below $95,000 to a low of $94,838 before buyers propped up the price to $97,891. However, it was back in the red on Monday, registering a substantial decline of 5.16% to go below $95,000 and settle at $92,845. Buyers attempted a recovery on Tuesday but were thwarted, as sellers dragged BTC to a low of $90,707. However, BTC recovered to climb above $91,000 and settled at $91,913 after a decline of 1%.
With the 20-day SMA acting as a dynamic level of support, BTC recovered on Wednesday, rising by 4.32% and settling above $95,000 at $95,883. Buyers and sellers struggled to take control on Thursday. Ultimately, neither assumed control as BTC registered a marginal drop. Buying activity increased on Friday as BTC rose by 1.76% to $97,374. However, it was back in the red on Saturday as the cryptocurrency suffered a slight pullback, dropping by 1.14% to $96,263. However, it recovered on Sunday, registering a marginal increase of 0.79%, and settled at $97,026. The current session sees BTC back in the red, with the price down just over 1% and trading at $95,955.
So where does BTC go from here? The cryptocurrency is clearly struggling to go above the $100,000 level. Some analysts have predicted a correction that could take BTC to a low of $80,000 before it resumes its upward momentum. Best-selling author Robert Kiyosaki has predicted it could go as low as $60,000 but argued that a substantial decline should be viewed as a buying opportunity, keeping in mind the eventual rebound. Analysts are bullish about BTC’s long-term prospects, predicting it will cross $100,000 before the end of the year. Kiyosaki is even more bullish and predicts BTC will hit $250,000 in 2025.
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