Bitcoin Price Analysis: What’s Next for BTC?
- The BTC price dropped ~7% in 24 hours, falling below the $92k mark.
- Bitcoin ETF breaks its inflow streak, losses over $435 million.
- Technical indicator RSI drops below the overbought range for the first time in 19 days.
Bitcoin, the leading cryptocurrency, experienced a significant correction as it lost approximately 6% in value over the course of 24 hours, with a trading volume of $94.84 billion. This decline came amidst an increase in liquidations and the expiration of long positions, causing the BTC price to dip below $92,000.
Investors and traders are now speculating on whether Bitcoin will be able to regain its bullish momentum and reach the coveted $100,000 mark, or if a major correction is on the horizon. In this article, we will explore the potential price scenarios for Bitcoin (BTC).
BTC Price Records a Bearish Pullback!
After a period of bullish activity, the price of Bitcoin experienced a significant pullback, dropping by over $5,400 in just 24 hours. The increased selling pressure has led to speculation that Bitcoin may retest the $90,000 level before attempting to push back towards $100,000.
The Simple Moving Average (SMA) is showing signs of a bearish crossover on the Bitcoin price chart, indicating a potential increase in selling pressure for the cryptocurrency.
Additionally, the Relative Strength Index (RSI) has dropped below the overbought range on the daily timeframe, with its trendline showing a negative convergence. This suggests that Bitcoin’s price may continue to lose momentum in the near future.
Bitcoin ETF Update
Recent data shows that only 2 Bitcoin ETFs experienced positive inflows in the past 24 hours. BlackRock’s “IBIT” saw the highest inflow of $267.8 million, followed by Grayscale’s “BTC” with $0.4 million. However, 3 ETFs recorded neutral flows during this period.
Conversely, 6 Bitcoin ETFs experienced negative flows, with Bitwise’s “BITB” suffering the largest loss of $280.7 million. Other top losers include Ark Invest’s “ARKB”, Grayscale’s “GBTC”, and Fidelity’s “FBTC”. The total outflow for the day amounted to -$435.3 million.
Will Bitcoin Price Rise Back Up?
If a bullish reversal occurs, Bitcoin could retest the $95,000 level, setting the stage for a potential push towards $100,000 in the coming days. However, if bearish sentiment persists, the price of Bitcoin may drop to $90,000 and potentially even lower.
For more insights on Bitcoin’s future price movements, including a long-term price prediction, be sure to check out CoinPedia’s latest updates and analysis on the cryptocurrency market!
FAQs
Satoshi Nakamoto is believed to be the single largest holder of Bitcoin, with a reported 1 million BTC in their possession.
Despite recent price fluctuations, Bitcoin remains a promising long-term investment with the potential for future growth.
If bullish momentum continues, Bitcoin’s price could range between $91,000 and $100,000 in the upcoming week.