Bitcoin continues to face pressure as market metrics shift and adoption grows in the U.S.
Current Market Metrics
Bitcoin (BTC) is currently trading at $95,895.79, marking a 0.93% decline over the last 24 hours. The cryptocurrency reached a low of $95,685.71, with a 24-hour trading volume down 65.45% to $15.68 billion. The market cap remains at $1.9 trillion.
Growing Bitcoin Adoption in the U.S.
States like South Dakota and Utah are advancing plans to integrate Bitcoin into their state reserves, reflecting a growing trend of U.S. states adopting cryptocurrency. Institutional investors are also focusing on Bitcoin, with anticipation of the upcoming halving event. BlackRock’s Bitcoin ETF continues to attract significant inflows, reinforcing BTC’s long-term bullish outlook.
Technical Analysis and Forecasts
Bitcoin’s Relative Strength Index (RSI) stands at 42.07, below the neutral 50 mark, signaling a bearish sentiment. The Chaikin Money Flow (CMF) indicator is at -0.13, suggesting more capital outflows than inflows. Immediate resistance for Bitcoin is at $97,000; if surpassed, BTC could test $100,000. The support level is at $95,000, and a break below this could lead to a decline towards $93,000.
Despite current pressure, fundamental factors like state-level adoption and ETF inflows support long-term market growth.
