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Bitcoin faces resistance at USD90,000 mark
(MENAFN) Bitcoin is currently facing significant resistance at the USD90,000 mark after briefly reaching that level on several cryptocurrency exchanges. Despite these attempts, the average trading price across all exchanges has failed to break through this key level. This resistance is impacting Bitcoin price forecasts, as market participants await a clearer direction for the cryptocurrency's next move.
In the early hours of Wednesday trading, Bitcoin hovers near USD90,000 as bulls continue to pump billions into the market in an effort to push beyond this barrier. Positive news, including the potential removal of the SEC chairman who has been opposed to cryptocurrency, is fueling this upward momentum. However, the progress is being hindered by profit-taking actions from traders and selling pressure from the "bears," making it difficult for Bitcoin to maintain its climb past the USD90,000 threshold.
At around 4:30 a.m. GMT, Bitcoin was trading at USD87,000, reflecting a 2.5 percent decline on the day amid USD122 billion in trading volume. The cryptocurrency has fluctuated between a high of USD89,915 and a low of USD85,155 over the past 24 hours, with the market showing volatility in both directions. Bitcoin had previously reached an all-time high of USD89,956 during yesterday’s trading, but has since fallen by 3.5 percent from that peak.
The current state of the market is characterized by extreme greed, according to the Crypto Fear & Greed Index, which has surged to 84 points. This indicates that traders are highly risk-appetite driven, likely influenced by the optimism surrounding Donald Trump's potential return to political office. Just a month ago, the index was below 50, showing a much more neutral sentiment.
In the early hours of Wednesday trading, Bitcoin hovers near USD90,000 as bulls continue to pump billions into the market in an effort to push beyond this barrier. Positive news, including the potential removal of the SEC chairman who has been opposed to cryptocurrency, is fueling this upward momentum. However, the progress is being hindered by profit-taking actions from traders and selling pressure from the "bears," making it difficult for Bitcoin to maintain its climb past the USD90,000 threshold.
At around 4:30 a.m. GMT, Bitcoin was trading at USD87,000, reflecting a 2.5 percent decline on the day amid USD122 billion in trading volume. The cryptocurrency has fluctuated between a high of USD89,915 and a low of USD85,155 over the past 24 hours, with the market showing volatility in both directions. Bitcoin had previously reached an all-time high of USD89,956 during yesterday’s trading, but has since fallen by 3.5 percent from that peak.
The current state of the market is characterized by extreme greed, according to the Crypto Fear & Greed Index, which has surged to 84 points. This indicates that traders are highly risk-appetite driven, likely influenced by the optimism surrounding Donald Trump's potential return to political office. Just a month ago, the index was below 50, showing a much more neutral sentiment.
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