The price of Bitcoin has undergone a sharp reversal, dropping by recording an adjustment of ~6%. Notably, the price of BTC lost over $12,000 in just a few hours before stabilizing at around $92,000. However, the cryptocurrency token is currently fluctuating around $97,000.
With the price of Bitcoin rebounding to $97,000 in early morning trading in Asia, will this leading cryptocurrency surpass the $100,000 mark and aim for a new ATH?
BTC price retesting lower support level!
After stabilizing at the $103,000 level, the Bitcoin token saw a significant decline, hitting a 24-hour low of $91,998.78 with a trading volume of $128.54 billion.
The Moving Average Convergence Divergence (MACD) indicator shows a continuous red chart on a daily time frame. Furthermore, its moving averages record a regular decrease, indicating increasing pessimism towards the BTC token in the market.
On the other hand, the SMA indicator continuously supports the Bitcoin price chart on a daily time frame. This shows mixed price sentiment for this currency this week.
Update Bitcoin ETF
In the past 24 hours, 9 out of 11 BTC ETFs have seen positive inflows. With this, Bitcoin ETF has experienced 6 consecutive days of inflows. Notably, BlackRock’s “IBIT” recorded the highest increase at $770.5 million, followed by Grayscale’s “BTC” at $95.4 million.
Furthermore, 5 BTC ETFs have demonstrated neutral price trends during this period. On the other hand, Grayscale’s “GBTC” recorded the highest outflow of 148.8 million dollars, followed by Bitwise’s “BITB” with 10.2 million dollars. With this, the total flow on the last day ended at +766.7 million dollars.
How high can the BTC price go?
If the buying team recaptures the $100,000 mark, the price of Bitcoin may be ready to retest the ATH level in the coming hours.
On the other hand, if the selling side wins over the buying side, the largest cryptocurrency by market capitalization can retest the lowest level at $90,000.
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