Bitcoin price today rose to 88,500 dollars, which raised the enthusiasm of investors who believe that the price may soon reach $ 95,000, and despite this optimism, some analysts warn of the possibility of a decline to $ 80,000 before the next wave of ascension starts.
Traders show signs of greed
The Santiment Platform for Market Analysis indicates that a state of greed began to form between cryptocurrency investors as expectations of bitcoin reach $ 100,000, and even 159,000 dollars, but Santiment warns that high levels of greed often precede an imminent price correction.
During February and March, when the bitcoin price decreased to $ 78,000, traders were more cautious, however the last height to $ 88,500 changed the general mood, which could make this time right for some investors to take profits.
The metal keeps their bitcoin reserves
Bitcoin metal seems to be optimistic about the future of the market, as Cryptoquant data shows that they are not currently selling large quantities of bitcoin, and according to these data, the two metal reserves have increased to 1.81 million bitcoin, which is equivalent to about 159 billion dollars.
Analyst Martinez confirmed on the “X” platform that the bitcoin sale activity by the metal during the past 24 hours was small, which may be an indication of their expectations of high prices in the near future.
Increasing institutions’ interest with the flow of investment funds circulating
Investment institutions play an important role in enhancing market momentum. On March 25, investment funds traded in Bitcoin in the United States recorded net flows of 27 million dollars, and Blackrock, one of the largest asset management companies, led these flows with a total of 42 million dollars.
On the other hand, some boxes such as BitWise and Wisdomtree have witnessed outfits of $ 10 million and $ 5 million, respectively, however the strong demand for the Blackrock Fund helped keep the general trend positively, as its net assets in the Bitcoin Fund currently circulated more than 50 billion dollars, which reflects the continued interest of institutions in the digital currency.
Analysts expect a temporary decrease before ascending
Technical analyzes indicate the possibility of bitcoin in the short term before continuing its rise, and on the graph for 4 hours, Bitcoin faces difficulty in overcoming an important resistance level, which led to the formation of what is known as the dual top style, which indicates the possibility of the price decrease to 85,000 dollars.
At the same time, the level is 86,146 dollars, a basic support, according to the 61.80%Fibonacci correction level, and if Bitcoin is able to stay above this level, the price may bounce back and move about $ 95,000, according to analysts.
