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Bitcoin investors and traders are always trying to perfectly time the market movement, however it is not possible for all. The reason? Understanding and deciphering the market sentiments. Though there are many indicators that help in predicting the movement, most of them are delayed, that is why they are called lagging indicators. Let’s explore the possibility of when Bitcoin can reach $110k. Exploring Bitcoin Chart Before we talk about the sentiment side, let’s have a look at what is happening in Bitcoin right now.  At the time of writing, Bitcoin is trading at $98,268, just 0.08% up as compared to the last 24 hours. The price rose as high as $99,950 a few hours ago but moving average 100 sent it back down. The current support is MA 200. Also this is a zone where previously BTC had faced high resistance so this will also act as support now. Source : Coinglass The concern here is the RSI which is currently at 53.60 and constantly falling alongside price. The trading volume is down by 17.90% today as well. Even though the Fear and Greed Index was recorded at 79 which is extreme greed, the market sentiment feels bearish. The Market Sentiment The market intelligence platform Santiment shared deep insights in their X post. It has described how Bitcoin plays against market sentiments. On December 15, the social media was filled with speculations of BTC touching $110k, however it topped out at $108k, disappointing the market. 🧑‍🎄📈 Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn’t expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio — Santiment (@santimentfeed) December 26, 2024 The same thing…

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Filed under: News - @ December 26, 2024 6:17 am