Bitcoin is experiencing significant volatility after reaching a new all-time high, sparking interest in its future movement. Let's examine the current situation and forecasts.
Current Bitcoin Price Situation
After reaching an all-time high of $109,354, Bitcoin faced selling pressure, leading to a price decrease towards the support level around $91,350. This decline was exacerbated by events such as Nvidia's stock plunge and the resumption of the trade war. At the time of writing, Bitcoin's price is around $97,600.
Focus on BTC/USDT Derivatives
Open interest, CVD, and the funding rate for BTC/USDT perpetual contracts were revised downwards, as was the price of the underlying asset, indicating genuine selling pressure on the cryptocurrency. However, recent interest in buying may suggest a more sustainable recovery.
Forecasts for Bitcoin Price
If Bitcoin stays above $91,300, it could recover to $106,000. If it fails to maintain support at $91,300, the price might decline to $85,200 and lower, representing a significant drop.
Bitcoin shows high volatility after reaching its peak, requiring close monitoring of price reactions at strategic levels. Long-term trends remain bullish, although the situation is sensitive to external factors.
