With a bearish start to this week, Bitcoin remains close to the $93,000 support. Will the price of BTC experience a prolonged correction phase?
Bitcoin fell to $93,300 after a bearish Sunday that resulted in a 24-hour decline of 1.71%. At the current market price of $93,390, Bitcoin’s market capitalization is $1.84 trillion.
Due to the bearish influence on Bitcoin price, the crypto market saw liquidations totaling $167.94 million in the last 24 hours. This value is well above the typically lower trading volumes on weekends.
As liquidations increase, increasing downward pressure on BTC price action raises concerns about a possible collapse. Could this lead to a test of the $90,742 support level?
Bitcoin price analysis
On the 4-hour chart, Bitcoin price action shows a failed upward attempt to break the $99,514 resistance level. This resulted in a bearish reversal from the 100 SMA line, followed by a retest of critical support near the psychological $93,000 level.
The Doji formations near the support level reflect an attempt to absorb increased selling pressure. However, the low-high formation warns of a possible breakout rally.
Additionally, the failed upward move has increased the likelihood of a bearish crossover between the 100 and 200 SMA lines. Meanwhile, the 4-hour RSI continues to show a slight bullish divergence.
Institutions are recording outflows
As BTC price volatility increases, institutional support continues to fluctuate. Last week, Bitcoin spot ETFs in the US recorded an outflow of $387.54 million. This broke a streak of three…
