Published on . Prices and market conditions may have changed since then.
- Bitcoin price has struggled to stay above $105k for the last week, but the set back is likely temporary in the face of reduced risk aversion.
Bitcoin price continues to be range-bound, with its struggles below the $105,000 mark hitting the one-week mark. The crypto market bellwether inched up by 0.1% to trade at 103,830 on Friday, marking the second successive day of marginal gains. BTC currently lacks a FOMO factor, and the tailwinds provided by trade tariff cuts seem to have weakened.
Notably, Ethereum has outperformed Bitcoin in the current market upturn, having gained 16% in the last week against BTC’s miniscule 0.6%. Nonetheless, institutional interest in Bitcoin is still strong. However, while BlackRock’s IBIT drew $410 million in net inflows, on Thursday, the other ten traded Bitcoin spot ETFs recorded net outflows, reducing the total market net inflows to $114.9 million.
On a brighter side, the declined by Bitcoin price is likely a temporary correction, possibly linked to Thursday’s release of soft US economic data. Also, the coin’s exchange net flows declined substantially from -$63.81 million on Wednesday to -$233.99 million on Thursday. That signals declining selling pressure, which will provide for BTC price in the near-term.
That said, 97% of all Bitcoin holders are currently in profit, with only 1% “out of the money”, according to analytics site, IntoTheBlock. That carries a potential risk of a selloff, especially if the coin breaks below the psychological $100k mark.
Bitcoin Price Prediction
The momentum on Bitcoin price calls for an extended control by the buyers above $103,824. The coin will likely meet initial resistance at $104,312. A stronger upward momentum will break above that level and potentially extend gains to test the second barrier at $104,845.
Conversely, action below $103,824 will signal control by the sellers. That will likely see the first support established at $103,311. Breaking below that level will invalidate the upside narrative. In addition, that could strengthen the downward momentum and extend losses to test the second support at $102,769.
