The Future of Bitcoin Price: Will It Drop Below $96,000?
After a brief upswing, the Bitcoin price is once again flirting with dropping back below $96,000, which could potentially push it into a deep bearish trend. Market sentiments have shifted to fear and neutrality, indicating that traders are uncertain about the next price action. Despite this, BTC dominance remains high and altcoins are performing well in comparison, sparking concerns about the future price movement.
Is a Breakout on the Horizon?
The Bitcoin price recently attempted to surpass $100,000, but faced significant selling pressure as bullish momentum waned. This could signal a prolonged bearish phase, potentially leading to lower price targets not seen in the past 6 months. Additionally, spot ETF outflows totaling nearly $500 million over the past three days further support the bearish outlook. With the price range-bound, Bitcoin longs and shorts are accumulating.
Looking at the current liquidity levels on both sides of the token, it’s clear that liquidity is a key driver of price movement. With longs and shorts piling up, whales will likely play a crucial role in determining the next direction, potentially leaving retail traders vulnerable. The big question remains: will Bitcoin price bounce back to $100,000 before the monthly close?
The Bitcoin price continues to consolidate within a tight range, resisting bearish pressure and maintaining support levels. However, technical indicators like the RSI and CMF are pointing towards a potential bearish continuation, suggesting that the bulls are losing steam. This sets the stage for a possible pullback that could drive prices below $93,000, particularly by the end of the month.