Bitcoin (BTC) Price Prediction (Dec 03rd 2024)

Story Highlights

• The BTC price records a neutral price action in 24 hours and stabilizes above the $96k level.
• The technical indicators record a mixed price sentiment, indicating reduced price action.
• Positively, BTC ETFs record three consecutive days of inflow.

Despite increased bullish price sentiment in the altcoin market, the BTC price continues struggling around its $96,000 level. With this, the dominance of the largest crypto token by market cap has reduced to 54.38%, the lowest in 4 months.

In this article, we have covered the latest Bitcoin price analysis and mentioned the possible short-term price prospects.

BTC Price Displays A Consolidated Price Action

The Bitcoin price has experienced a consolidated price action for about a week now, highlighting a decline in the buying-and-selling pressure. Moreover, with a trading value of $96,139.92, it has a market capitalization of $1.902 billion.

TradingView: BTC/USDT

The Simple Moving Average (SMA) acts as a support to the BTC price chart in the daily time frame, indicating a strong bullish influence for the star crypto in the market.

Further, the Relative Strength Index (RSI) continues hovering close to the overbought range. However, with its average trendline showing a descending trend, the BTC price hints at a mixed price action today.

Bitcoin ETF Update

Over the past 24 hours, only 2 out of 11 BTC ETFs recorded a negative outflow. Reportedly, BlackRock’s “IBIT” has encountered the highest inflow of $338.3M, followed by Fidelity’s “FBTC” with $25.1M.

Source: SoSoValue

On the other hand, Bitwise, Valkyrie, and WTree recorded a neutral flow. Moreover, with a total outflow of $39 million, the net flow of Bitcoin ETF for 02nd December concluded at +353.6 million.

Will BTC Price Hit $100k Tomorrow?

If the bulls regain momentum, the Bitcoin price will retest its resistance level of $97,000. Maintaining the price above that level could push the price of this crypto token toward its $98,000 level.

However, a bearish reversal could pull the price toward its support level of $95,000. Moreover, if a sell-off is witnessed, this could result in it retesting its lower psychological level of $92,000.

Curious to find out the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to us to stay updated on the latest crypto news!

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