BTC Price Prediction

The market has failed to show any significant movement in either direction and is currently trading sideways. In the previous week, Bitcoin has remained relatively stable while altcoins have suffered.

Even though global stock markets have seen a good gain, crypto markets have not recovered as Terra’s decline continues to harm investor sentiments. The Bitcoin price had remained stable following the release of minutes from the Federal Open Markets Committee(FOMC) of the United States Federal Reserve . Despite concerns that anti-inflation measures could lead to a recession, no mention of the word “recession” occurred in the minutes. Bitcoin’s dominance is soaring.

Ethereum saw a massive correction, falling nearly 9% in a single day and breaking through the $1,800 barrier for the first time in nine months. As Bitcoin’s dominance index surpassed 46%, the ETH/BTC pair plunged, losing nearly 6% of its value. Bitcoin’s dominance has reached 46.58 percent and is expected to rise to 47.71 percent in the following days. This is unfavorable news for altcoins.

Bitcoin Dominance

BTC Price Prediction

BTC is currently trading at roughly $29,000, after dipping as low as $28,000 earlier this week. The cryptocurrency has closed in the red for the past eight weeks. The major support level at $28,700 has been tested for quite a sometime. If we break below this level then BTC might head for $27,000 & $25,000 price levels in the coming days. Also, BTC is expected to close its 9th straight weekly red candle.

BTC Price

BTC can reach two resistance levels of $32,253 and $34,258 in the coming days or weeks if it manages to hold the $28,700 level. The downtrend will invalidate at $32,253. If this resistance breaks, the bulls should be able to drive the price of Bitcoin to $34,258 and above. The funding rates have been fluctuating near zero, and in recent days, they have even risen to a positive level. Negative funding rates might trigger a large short squeeze, comparable to the bottoms seen in March 2020 and July 2021.

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