Bitcoin Price Analysis: Market Divided Over BTC’s Next Move
Bitcoin (BTC) stayed above $109,000, registering a marginal increase during a relatively calm weekend after a week of volatility and price swings. The flagship cryptocurrency is trading around $109,570.
The market is divided over BTC’s next move, with some predicting a drop to $60,000, while others favor a push towards $140,000.
Vanadi Coffee Approves Bitcoin (BTC) Investment
The Spanish coffee shop franchise-turned Bitcoin treasury company has approved a €1 billion investment in Bitcoin. The approval came in an extraordinary shareholder meeting, with the company highlighting the value of Bitcoin as a global, liquid, and decentralized reserve asset that can withstand the volatility affecting markets. Vanadi Coffee claims to be the first Bitcoin treasury in Spain, and plans to leverage BTC as a long-term asset and a hedge against inflation. The company added that the investment plan will be conducted with complete transparency, in accordance with local regulations. Salvador Martí, President of Vanadi Coffee, called the development a milestone for the company.
“We believe in Bitcoin as a store of value for the future and as an asset capable of strengthening management with a long-term vision, transparency, and discipline.”
Crypto Fear & Greed Index Drops To Lowest Level Since March
The cryptocurrency market is in a nervous mood after Bitcoin (BTC) lost key levels over the week. Investor sentiment has been battered, causing the market’s Fear & Greed Index to drop by 16 points in a single day. The index fell to 28 on Friday, its lowest level since March, before recovering to 33. Bitcoin started the week above $115,000, but price crashes on Monday and Thursday pushed the price below the key $109,000 level. This triggered liquidations of over $1 billion in long positions.
The crash in the Fear & Greed Index highlights how quickly market sentiment can change when important levels fail to hold. However, fearful conditions are also an opportunity for long-term traders to add to their holdings at a discount. Analysts believe Bitcoin and the broader cryptocurrency market could be closer to their next recovery phase than many expect, with some traders already bracing for a turnaround.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is marginally down during the ongoing session, maintaining its position above $109,000. The flagship cryptocurrency faced extended bearish pressure this week, crashing nearly 4% on Thursday to fall below $110,000 and settle at $109,035. The price recovered on Friday, rising 0.61%, but was back in the red on Saturday, registering a marginal decline. BTC is trading around $109,500 during the ongoing session.
Meanwhile, traders are divided about BTC’s next move, with some predicting a crash to $60,000, while others believe it will rally to $140,000. Multiple analyses state that the price could repeat the same trajectory that foreshadowed the 2021 market top. One analyst highlighted that in 2021, BTC registered a sharp rally to record highs, followed by a blow-off top, a sharp correction, and lastly, a failed test of resistance levels. The sequence triggered a crash that sent the price from $69,000 to $32,000 in weeks.
The analyst points out that BTC’s current structure is mirroring the same process and risks a similar trajectory. However, not everyone expects market-ending declines. One trader highlighted a cluster by the 200-day simple and exponential moving averages, which could serve as a support during bull market dips. Analyst Bitbull believes BTC is still far from a cycle top, highlighting that the US Business Cycle, a broad indicator of economic momentum, has yet to peak.
BTC ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724. It recovered from this level to settle at $116,484, ultimately dropping 0.30%. BTC reached an intraday high of $117,998 on Thursday. However, it could not stay at this level and settled at $117,117. The price lost momentum on Friday, dropping 1.22% to $115,690.
Source: TradingView
BTC registered a marginal increase on Saturday before dropping 0.41% on Sunday to end the weekend at $115,282. The flagship cryptocurrency plunged to an intraday low of $111,761 on Monday as bearish sentiment intensified. It recovered from this level to reclaim $112,000 and settle at $112,736. Buyers attempted a recovery on Tuesday as BTC reached an intraday high of $113,357. However, it failed to stay at this level and settled at $112,017, ultimately dropping 0.64%. The price fell to an intraday low of $111,066 on Wednesday as selling pressure intensified. Despite the bearish sentiment, it recovered to register a 1.19% increase and settle at $113,348. Bearish sentiment intensified on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. The price recovered on Friday, reaching an intraday high of $110,369 before settling at $109,697. The flagship cryptocurrency lost momentum on Saturday, registering a marginal decline. BTC is down 0.20% during the ongoing session, trading around $109,462.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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