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The cryptocurrency market is showing signs of stabilisation on Wednesday following the market-wide correction earlier in the week.
Bitcoin temporarily dropped below $100k on Tuesday but is now trading above $101k.
Bitcoin’s holding its breath near a critical floor. Calm waters hint at a potential surge, as traders eye the market for their next move.
BTC dips below $100k on declining institutional demand, finds support level at $100,300
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Bitcoin’s fall from grace continues as the crypto market bleeds red. The flagship cryptocurrency plunged below $100,000 this month, a chilling milestone not seen since May, leaving investors reeling and questioning the future of digital assets.
The decline comes amid declining institutional demand in the market.
According to SoSoValue, spot bitcoin ETFs saw a total of $577.74 million in outflow on Tuesday.
The biggest loser was Fidelity’s FBTC, which saw $356.6 million exit the fund.
Ark & 21Shares’ ARKB saw $128 million in outflows, while Grayscale’s GBTC also recorded a $48.9 million outflow.
Tuesday witnessed an exodus. A $1.9 billion hemorrhage has bled from ETFs over the last five trading days, extending a painful outflow streak.
“The institutional tide has turned,” declares Rachael Lucas, crypto analyst at BTC Markets, highlighting the sustained outflows. “This isn’t a momentary breather; it’s a full-scale strategic repositioning.”
Bitcoin bulls face a $100k cliffhanger: CryptoQuant warns of a potential nosedive to $72k if they lose their grip.
Julio Moreno, CryptoQuant’s head of research, told The Block that,
“A fall below the $100,000 mark could trigger a rapid descent, potentially hitting $72,000 within the next one to two months.”
“Moreno points to a chilling effect post-October 10th, suggesting institutional investors are still reeling from the liquidation event and staying away.”
Bitcoin’s feverish spot market has cooled considerably. Across the US, enthusiasm appears to be waning, evidenced by ETF outflows and Coinbase’s price dipping below the market average. Our Bull Score Index paints a grim picture: sitting at a bearish 20, it confirms a market downturn that’s been gripping crypto since October.
Bitcoin finds temporary support above $100k
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Bitcoin bleeds: A week of relentless selling pressure wipes 10% off BTC/USD, painting a grim picture on the daily chart. Bears are firmly in control.
The technical indicators remain bearish as Bitcoin has underperformed in recent days.
Bitcoin’s price faced rejection around the $106k mark earlier this week and has lost 8% of its value since then.
It retested the 50% retracement level at $100,353 and has now bounced back to trade above $101k.
Bitcoin’s clinging to a lifeline! The $100,353 mark is the last stand for bulls, a 50% retracement level acting as makeshift support. Can it hold? A bounce here could fuel a fresh rally, pushing Bitcoin back into the fight.
If the support level holds, Bitcoin’s price could rally towards the next major resistance level at $106,435.
Sellers are still in control, with the RSI hovering at 41, well below the neutral zone. The MACD confirms the bearish sentiment, painting a picture of continued downward pressure.
But beware: should Bitcoin breach the $100,353 fortress, the bears could seize control, dragging BTC down to the $97k trenches.
Thanks for reading Bitcoin finds support at $100300 eyes the $106k mark: check forecast
