Bitcoin is hovering around $89,160 right now, having gained 1.5% in the last 24 hours. Daily trading volume is looking pretty strong at $24.3 billion and the world’s biggest cryptocurrency is still sitting pretty at top spot in market capitalisation, valued at roughly $1.78 trillion. There’s 19.97 million Bitcoin in circulation out of a total supply of 21 million.
Despite the bounce, overall market mood is still pretty cautious. The Crypto Fear and Greed Index is stuck at 27, firmly in ‘fear’ territory, and the Altcoin Season Index is down to 16, which means Bitcoin Season is well and truly in the driving seat. It’s clear that everyone is playing it safe, focusing on just a few choice assets and keeping a tight rein on risk.
Market Sentiment is all About Bitcoin Over Altcoins
The overall crypto market cap is sitting at $2.99 trillion and daily volume is around $73 billion. Ethereum (ETH) is trading round $2,970, while Solana (SOL) is just nudging over $123 – not exactly a glowing endorsement of the altcoins. It looks like everyone’s still spooked by Bitcoin’s relative strength.
Just a few key indicators show how the market is feeling:
- Bitcoin’s dominance is still pretty high because loads of people are avoiding the high-risk assets.
- Historically, when investors are feeling genuinely fearful it’s a great chance to start buying up some stocks.
- Institutional investors and all those fancy ETFs remain convinced that the smart money should be on BTC.
That explains why, at the moment, Bitcoin is just cruising along while the altcoins are really struggling to get any momentum.
Bitcoin Technical Chart is Sort of Looking The Business
On the 4 hour chart, Bitcoin price prediction has stabilised at around $89,200 after bouncing back from that mid-December low of $83,800. The price action is currently playing out within a pretty well-defined descending channel from the $94,600 peak, but you can see that momentum is definitely starting to come back.
Bitcoin has also reclaimed the $88,000 to $88,600 pivot zone, where the 50-EMA is at $88,000 and the 100-EMA is at $88,600 – and now that zone is actually helping to prop the price up. That’s a nice technical sign.
The recent candle patterns are looking pretty solid, with solid green closes followed by a bit of a consolidation afterwards – that suggests people are genuinely interested in buying, not just panicking out of a short squeeze.
That makes the chart start to look a bit like a descending triangle – there are higher intraday lows and the RSI is back up at about 60. And, you know, there’s no obvious bearish divergence to upset the applecart. Overall momentum is coming back without getting too carried away, and there’s no obvious bearish divergences to knock that recovery.
Key Levels and What’s Next
If we look at TradingView’s predictions, a confirmed break above $90,500 would suddenly open up some very promising prospects:
- $92,650 as the next major resistance
- Even a retest of $94,600 might be in the cards, where the sellers last took control
But if you do get a failure to hold $88,000, that could trigger a bit of a pullback towards $86,300, with another opportunity to buy in again near $83,800.
Right now, the technical outlook is suggesting that it could be a good time to buy – let’s keep our eye out for a clean break above $88,000 – that would really give the crypto market a bit of a confidence boost.
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