Bitcoin price continued with its upsurge on Saturday, gaining 0.06% and trading at $83,420 at press time. The crypto market bellwether has seen its upside momentum strengthened in the last three days and is attempting to establish support at the $83k mark.
However, institutional investors are still cautious despite recent glimpses of recovery in the broader financial markets. Spot Bitcoin ETFs have recorded net negative outflows in the last seven trading sessions. However, Friday’s session had a marginal $1 million worth of BTC outflows, signaling improving investor sentiment.
Risk aversion has declined significantly in the last three days after US President Donald Trump announced that the high tariffs placed against its trading partners (except China, Mexico and Canada) had been paused for 90 days. According to CoinMarketCap Fear and Greed Index still reads “Fear” but the score has improved from 15 to 27 in the last three days.
In addition, Bitcoin price has recently crossed above the Volume Weighted Moving Average (VWMA) whose reading was at $82,625 as as of this writing. That affirms traction for a likely continuation of the upside momentum. However, the upward action will be sustainable if the 10-day Simple Moving Average (SMA) crosses above the 50-day SMA, currently at $84,889.
Bitcoin Price Prediction
The reading of the RSI momentum indicator on Bitcoin price is at 61 and it favours the upside to continue if action stays above $82,610. The bulls will likely meet the first resistance at 83,680. However, if the momentum strengthens further, the price will breach that mark and potentially test $84,660.
On the other hand, breaking below $82,610 will shift the momentum to the downside. That could see the first support come at $81,700. Breaking below that level will invalidate the upside momentum. Furthermore, if the sellers extend their control, the price could break below that level and test $80,585.
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