Story Highlights
- 1. Bitcoin’s price has dropped 7% in the last 24 hours, falling below $92K.
- 2. Bitcoin ETFs saw outflows of over $435 million, breaking their inflow streak.
- 3. The RSI indicator fell below the overbought range for the first time in 19 days.
Bitcoin Market Update
Bitcoin has taken a hit, losing about 6% of its value within a day, with a trading volume of $94.84 billion. This drop follows increased liquidations and the expiration of long positions. Currently, Bitcoin is trading just under the $92K mark.
The big question now: will Bitcoin regain its bullish momentum and aim for $100K, or is the market facing a significant correction?
What’s Happening with Bitcoin Prices?
The recent bullish rally has paused, with Bitcoin losing over $5,400 in just 24 hours. Increased selling pressure suggests that the price might test the $90K support level before attempting to climb back toward $100K.
Key indicators show further challenges ahead:
- The Simple Moving Average (SMA) hints at a bearish crossover, signaling more selling pressure.
- The RSI (Relative Strength Index) has fallen below the overbought range, suggesting that Bitcoin may continue to lose momentum in the short term.
Bitcoin ETF Update
Over the past 24 hours, only two Bitcoin ETFs showed positive inflows, with BlackRock’s “IBIT” leading at $267.8 million. Meanwhile, six ETFs recorded negative outflows, with Bitwise’s “BITB” losing the most at $280.7 million. The total outflow across all ETFs was a staggering $435.3 million.
What’s Next for Bitcoin?
If Bitcoin sees a bullish reversal, it could retest the $95K level. Holding above this level might pave the way toward $100K. However, if bearish sentiment persists, the price could dip further to $90K or even lower if selling pressure increases.
The market remains volatile, with Bitcoin at a critical juncture. While there’s potential for a recovery, traders should watch key support and resistance levels closely.
FAQs
- Who owns the most Bitcoin?
- Satoshi Nakamoto reportedly holds 1 million BTC, making him the largest holder.
- Will Bitcoin rise again?
Despite the dip, Bitcoin remains a strong long-term investment. - What will Bitcoin’s price be next week?
If the bulls return, Bitcoin could trade between $91K and $100K.
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This is no financial advice. Includes third party opinion.