Bitcoin Drops $6k In Hours, What’s Next As BTC Price Approaches $90k?

Story Highlights

• The BTC price dropped ~7% in 24 hours, dropping below the $92k mark.
• Bitcoin ETF breaks its inflow streak, losses over $435 million.
• Technical indicator RSI drops below the overbought range for the first time in 19 days.

The Bitcoin token records a significant correction by losing ~6% in 24 hours with a trading volume of $94.84 billion. This comes after an increase in the liquidation and the long-position expiry. Currently, the BTC price is exchanging hands at just under the $92k mark.

Will the market leader regain its bullish price rally and smash the target price of $100k? Or is the crypto market headed toward a major correction? In this article, we have covered the possible price prospects of Bitcoin (BTC).

BTC Price Records a Bearish Pullback!

The Bitcoin price bullish rally comes to a halt as it drops over $5,400 in 24 hours. Moreover, with the increase in the selling pressure, the market leader is speculated to retest the $90,000 mark before making a retest toward its $100k level.

TradingView:BTC/USDT

The Simple Moving Average (SMA) is on the path of recording a bearish crossover the the Bitcoin price chart. This highlights an increase in the selling pressure for the star crypto in the market.

Further, the RSI indicator has plunged below the overbought range in the daily time frame, with its average trendline experiencing a negative convergence. This suggests that the BTC price may continue losing momentum this week.

Bitcoin ETF Update

Over the past 24 hours, only 2 BTC ETFs have recorded a positive flow. Notably, BlackRock’s “IBIT” records the highest inflow of $267.8 million, followed by Graysclae’s “BTC” with $0.4 million. Moreover, 3 ETFs have recorded a neutral flow during this period.

Source: SoSoValue

On the other hand, 6 Bitcoin ETFs have recorded a negative flow with Bitwise’s “BITB” recording the highest loss of $280.7 million. Among other top losers are Ark Invest “ARKB”, Grayscale “GBTC”, and Fidelity “FBTC”. With this, the total flow for the day concluded at -$435.3 million.

Will Bitcoin Price Rise Back Up?

Suppose a bullish reversal occurs, in that case, the BTC price will retest its $95,000 mark. Maintaining the price above that level could set the stage for the star crypto to head toward its target price of $100,000 this week.

On the contrary, if the bearish sentiment intensifies, this could pull the Bitcoin price toward its $90,000 level. Further, if the bears dominate the crypto space, this could result in it plunging toward its lower support level.

Wondering what’s next once the BTC price hits $100k? Read CoinPedia’s Bitcoin price prediction to explore the long-term prospects, and also subscribe to us to stay updated on the latest crypto news!

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