Bitcoin’s price movement has taken a downward turn amid mounting selling pressure.
Analyst Crypto Patel, via a tweet, emphasizes Bitcoin’s current battle to maintain its position above $97,000, a crucial support level. Alongside this, Spot On Chain highlights a record-breaking net outflow in Bitcoin ETFs, adding another layer to the discussion.
What you'll learn 👉
Bitcoin’s Current Price Action and Support Levels
As per an analysis of Crypto Patel’s chart, Bitcoin is grappling with downward pressure and is now testing the $97,000 support. Holding this level could set the stage for a rebound, but a breakdown might lead to further losses.
The chart identifies key retracement levels at $91,000 and $86,000, corresponding to 0.382 and 0.5 Fibonacci levels, respectively.
Moreover, the Elliott Wave analysis shared in the tweet positions BTC in a corrective Wave IV. This suggests the potential for a further pullback before a final upward move in Wave V.
Patel also highlights a rising channel pattern, with the lower boundary acting as a dynamic support. Resistance levels at $103,000 and $108,000, aligned with recent swing highs and wave extension targets, pose challenges for upward momentum.
Read also: Monero (XMR) Price Approaching Resistance: Is a Major Move Coming?
ETF Outflows Break Multi-Week Streak
Adding to Bitcoin’s challenges, Spot On Chain reported the largest net outflow from U.S. Bitcoin ETFs since their launch.
A total of $671.9 million exited these funds, with Fidelity’s FBTC ETF seeing a $208.5 million outflow. Meanwhile, BlackRock’s IBIT ETF maintained steady flows, marking a contrast within the ETF landscape.
This activity also ended a 15-day inflow streak for Bitcoin ETFs and an 18-day streak for Ethereum ETFs, indicating a broader cooling in investor sentiment.
Market Indicators and Projections
Crypto Patel notes that a decline toward $86,000-$91,000 aligns with Fibonacci retracement levels, signaling the potential for consolidation or a further dip.
According to CoinGecko, Bitcoin trades at $97,957.26, down 3.27% in the last 24 hours and 1.85% over the past week. These movements align with the technical analysis suggesting a potential continuation of the corrective phase before any upward momentum resumes.
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