Bitcoin Holds at Crucial Level; New BTC Price Prediction
Bitcoin is having trouble holding its price above $90K and could easily swing either way before the week is over.
Quick overview
- Bitcoin (BTC) dipped 0.6% to $90,739 but is holding strong at that level, indicating potential for upward movement.
- A fall below $90K could lead to investor panic, while maintaining this level offers hope for a bull run.
- The wider crypto market is mostly elevated, with some coins showing slight gains despite Bitcoin's current weakness.
- Upcoming economic indicators, particularly the Nonfarm Payrolls report, could influence Bitcoin's price trajectory.
Bitcoin (BTC) faltered on Thursday and dipped 0.6% to $90,739 (BTC/USD), but holding at that level is a good indicator that the coin could climb higher soon.
If Bitcoin were to fall below $90K again, that would tell the market that Bitcoin cannot stay above that level for now, and many investors would likely bail. Because BTC’s price is holding strong above $90K, though, investors can have hope that the coin will move upward.
BTC/USDThe wider crypto market is mostly elevated, with gains for the week but a small decline for Thursday. What we may be seeing is a minor pullback that signals the start of a bull run. If Bitcoin investors can find a reason to push the coin higher right now, it could cause a market-wide upswing. Several coins are slightly up for the day, though, including Dogecoin (up 0.4%), Monero (up 5.6%), and Bitcoin Cash (up 1.76%).
Bitcoin’s Momentum Is Weakening
For now, Bitcoin is losing some steam and is not moving upward. The coin is still positive for the week, but it needs a push to stay above $90K. That push could come from investors that see the potential of BTC right now, but months of low BTC rates have soured the market on the ability of decentralized currency to create huge gains.
Crypto has been down for months, which means that it would not take much to cause the market to remain bearish for a while longer, but if Bitcoin can hold its current level and then swing upward, we could see the end of this downtrend. The market has been helped slightly by the capture of Venezuelan President Nicolas Maduro. That even spiked the stock market and allowed the crypto market a little breathing room.
On Friday, the Nonfarm Payrolls report will be released, which is one of the more significant inflation indicators to come out in recent weeks. This could help solidify the notion that inflation is relatively low right now and high risk assets like cryptocurrency are safer choices than they would be otherwise. When the market is doing well, the economy is stable, and inflation is under control, cryptocurrency tends to do very well, and investors should watch this latest economic release closely for news that it could boost the BTC price.
Bitcoin is in a precarious place right now. It could go either way, and if it falls under $90K, it is likely to stay low for weeks longer. If it can surge this week, though, then we expect a price of around $95K early next week with the coin holding stable around that level.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save