Bitcoin Drops $6k In Hours, What’s Next As BTC Price Approaches $90k?
Story Highlights
- BTC price fell by approximately 7% in 24 hours, falling below the $92,000 mark.
- Bitcoin ETF broke inflow record, losing over $435 million.
- The technical indicator RSI fell below overbought territory for the first time in 19 days.
Bitcoin experienced a sharp correction, falling about 6% in 24 hours, with a trading volume of $94.84 billion. This follows increased liquidations and expiration of long positions. Currently, the BTC price is just below $92,000.
Can the market leader resume its bullish price rally and break above the $100,000 price target? Or are the cryptocurrency markets headed for a major correction? In this article, we discuss the possible price outlook for Bitcoin (BTC).
BTC price records bearish pullback!
Bitcoin price fell below $5,400 in 24 hours, bringing the bull run to an abrupt halt. Furthermore, as selling pressure increases, the market leader is expected to retest the $90,000 mark and then the $100,000 level.
The simple moving average (SMA) is recording a bearish crossover on the Bitcoin price chart. This highlights the increasing selling pressure on the market’s star cryptocurrency.
Additionally, the RSI indicator has fallen below overbought territory on the daily time frame, with its average trendline showing negative convergence. This suggests that Bitcoin price may continue to lose momentum this week.
Bitcoin ETF Update
In the past 24 hours, only 2 BTC ETFs recorded positive flows. Notably, BlackRock’s “IBIT” had the highest inflows at $267.8 million, followed by Grayscae’s “BTC” with $0.4 million. Additionally, 3 ETFs recorded neutral flows during the period.
On the other hand, 6 Bitcoin ETFs recorded negative flows, among which Bitwise’s “BITB” recorded the highest loss of US$280.7 million. Other top losers include Ark Invest “ARKB,” Grayscale “GBTC,” and Fidelity “FBTC.” This brings total traffic for the day to -$435.3 million.
Will Bitcoin price recover?
Assuming a bullish reversal, BTC price will retest the $95,000 mark. Sustaining prices above this level could set the stage for the star cryptocurrency to move towards a $100,000 price target this week.
Conversely, if bearish sentiment intensifies, Bitcoin price could rise towards $90,000 levels. Furthermore, if bears dominate the cryptocurrency space, this could lead to a decline towards lower support levels.
Wondering what will happen once the BTC price reaches $100,000? Read CoinPedia’s Bitcoin Price Prediction Explore the long-term outlook and subscribe to us for the latest crypto news!
FAQ
According to the latest reports, Satoshi Nakamoto holds 1 million Bitcoins, becoming the single largest holder of Bitcoin.
Despite the recent price correction, Bitcoin remains very bullish. This makes it a good long-term investment.
If bulls regain momentum, BTC price could fluctuate between $91,000 and $100,000 in the future.
