- Summary:
- Bitcoin price has slowed down its gains since it broke into the $90k territory. A move above $95k would open the path to six-figure price.
Bitcoin price upside momentum has slowed down in recent days, with the milestone $100k mark not far away. The crypto coin spiked to a new record high of $94,057 on Tuesday before easing down to end the day at $92,494. The $95k mark is a key psychological level for Bitcoin, and a break above it would almost certainly open the path to hitting the six-figure price mark.
At its current price, Bitcoin needs to gain 7 percent to hit $100k. That shouldn’t be difficult for an asset that rose by double figures in each of the last two weeks. However, as the Trump-driven hype cools down, more investors will be wary of a potential correction. That could trigger profit-taking, which could slow down the uptrend relative to the last two weeks.
However, on-chain data signals that the BTC price momentum is still bullish-leaning. According to CoinMarketCap, Bitcoin’s traded volume rose by 2.9 percent in the last 24 hours to hit $75 billion. In addition, IntoTheBlock reports that the total exchange net flow dropped sharply by $4.37 billion in the last seven days. This shows that investors are opting to hold their BTC rather than trade it. That could reduce supply significantly and add upside propulsion to the price.
Bitcoin price forecast
On the chart below, Bitcoin price pivots at 92,850, with the buyers in control above that mark. The momentum will likely meet initial resistance at 93,490. However, if the momentum strengthens, the price could break above that level and test 94,020.
Conversely, the downside will prevail if the price breaks below the pivot price. In that case, the first support could come at 92,340. However, if the downward momentum strengthens, the price could break below that level and invalidate the upside narrative. Also, the downside could extend and test the second support at 91,800.
