Bitcoin (BTC) Price Prediction (Dec 06th 2024)

Story Highlights

• The Bitcoin price records a new ATH of $103,900.47 on 05th December 2024.
• Increased liquidation resulted in the BTC price losing over $12,000 within hours.
• The technical indicators record mixed price sentiment, indicating uncertain price action.

The Bitcoin price has experienced a strong bearish reversal in its price by recording a correction of ~6%. Notably, the BTC price lost over $12,000 within hours before stabilizing around the $92k mark. However, the crypto token is currently hovering around the $97k mark.

With the Bitcoin price reclaiming the $97k during the early Asian trading hours, will the star crypto surpass the $100,000 mark and head toward a new ATH?

BTC Price Retests Its Lower Support Levels!

After stabilizing above the $103,000 level, the Bitcoin token experienced a significant pullback by recording a 24-hour low of $91,998.78 with a trading volume of $128.54 billion.

The Moving Average Convergence Divergence (MACD) displays a constant red histogram in the daily time frame. Moreover, its averages record a steady decline, suggesting an increase in the bearish sentiment for the BTC token in the market.

On the other hand, the SMA indicator constantly supports the Bitcoin price chart in the daily time frame. This suggests a mixed price sentiment for it this week.

Bitcoin ETF Update

Over the past 24 hours, 9 out of 11 BTC ETFs recorded a positive inflow. With this, the Bitcoin ETF has experienced 6 consecutive days of inflow. Notably, BlackRock’s “IBIT” recorded the highest gains of $770.5 million, followed by Grayscale’s “BTC” of $95.4 million.

Moreover, 5 BTC ETFs have displayed a neutral price flow during this period. On the other hand, Grayscale’s “GBTC” recorded the highest outflow of $148.8 million, followed by Bitwise’s “BITB” with $10.2 million. With this, the total flow for the day concluded at +$766.7 million.

How High Can BTC Price Go?

If the bulls reclaim the $100k mark, the Bitcoin price may prepare to retest its ATH during the upcoming hours.

On the contrary, if the bears outrun the bulls, the largest cryptocurrency by market cap may retest its low of $90,000.

Are you wondering if the BTC price will hit a new ATH? Read CoinPedia’s Bitcoin Price Prediction to uncover the potential price targets until 2030!

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