- Bitcoin price has factored in a modest price dip of 0.94% in the last 24 hours.
- The cryptocurrency’s daily trading volume depreciated by 47.22% as per CMC data.
Bearish trends have been gallivanting through Bitcoin’s price action over the past day. However, turning to other activities, the sector has kept the liveliness going. Recently, pro-crypto senator Cynthia Lummis filed a lawsuit in support of Coinbase against the SEC.
Meanwhile, reverting to Bitcoin’s daily price action, the cryptocurrency trades at the $100K to $102K margin. It has dipped several times in the last 24 hours to $100K. Additionally, on January 28, BTC revisited its $98K support briefly before consolidating at current trading prices.
The past day’s price performance stands at a 0.94% dip as inferred from its daily price chart. At the time of writing, BTC was trading at $102,204.92 as per CMC data. Meanwhile, in the week’s beginning, the crypto community saw major speculations regarding Bitcoin’s price.
Prominent analyst Arthur Hayes, recently posted on his X account, that Bitcoin might reach a correction to the $75K level. This is expected to be followed by a rally to a whopping $250,000 by the year’s end. Meanwhile, another analyst Ali, has predicted a short-term critical support at $91,700.
What Do Speculations Suggest For Bitcoin Price?
The above-discussed predictions clearly indicate an imminent bearish period for Bitcoin before it rallies upward. However, the cryptocurrency’s Hull Moving Average (HMA) stands below the current trading price indicating an upward movement.
BTC/USDT Daily Price Chart (Source: TradingView)
On in-depth analysis, BTC might experience a consolidation phase. However, to witness significant upward strides, traders may have to sit through a full-blown price depreciation. Presently, investors are buying the dip as suggested by Bitcoin’s RSI standing at 53.79.
Meanwhile, other cryptocurrencies have also reflected Bitcoin’s past week price movements. Ethereum took to the spotlight specifically for its price drop, while other altcoins such as Solana and XRP also proceeded in their respective bearish lanes.
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