Bitcoin (BTC) Briefly Hits $98,000 Before Dipping by 0.05%

Bitcoin rebounded this morning and briefly broke through $98,000 before dipping by 0.05%. Bitcoin(BTC) is currently trading at $97,903, and odds on BTC reaching $100,000 in November have also decreased in betting markets.

Current Bitcoin Price

The market cap for BTC also dropped by 0.05% to $1.94 trillion. The 24-hour market volume is now $52.14 billion after surging by 18.25%. The current market sentiment for Bitcoin is in sync with our Bitcoin Price Prediction trends, and it might even reach a maximum value of $99,917, by the end of the year 2024.

Courtesy: Coinmarketcap

When it comes to Bitcoin’s stature as the seventh most valuable asset market, BTC remains ahead of petroleum giant Saudi Aramco and could potentially overtake Alphabet (Google).

On the technical front, the 10-day Simple Moving Average (SMA) is $94,910, indicating a “Buy” action. Meanwhile, the Relative Strength Index (RSI) stands at 78, signaling a “Neutral” action and suggesting an overbought position, which may imply a potential correction in the future, even as the value shows a current retreat. In a nutshell, it’s a reflection of the bullish and strong BTC market.

With a net inflow of Bitcoin spot ETFs totaling $490.35 million registered on November 22, BTC has shown to be a source of constant interest for traditional investors. As a result, the Cboe exchange has announced the launch of its first cash-settled index options related to the price of spot Bitcoin beginning Monday, December 2, to track the performance of a basket of spot BTC ETFs listed in the U.S.

However, the subtle retreat in Bitcoin’s price has changed bettors’ outlook on BTC’s future. For instance, on Polymarket, bettors feel the probability of BTC reaching $100,000 in November has decreased to 63%.

Courtesy: Polymarket