Will Bitcoin (BTC) avoid a plunge to $90,000 this week as institutions maintain balance?
Bitcoin remains below the $100,000 level and is struggling to maintain a position above the $95,000 support level. Given Sunday’s bearish close, Bitcoin’s intraday uncertainty could lead to a bearish close if institutional support does not re-emerge.
Will Bitcoin manage to create a morning star pattern for an upswing this week? Or is a fall to the $90,000 support inevitable?
Bitcoin price analysis
With a 2.17% decline on Sunday, Bitcoin ended last week on a bearish note. Starting from the quick reversal from its recent all-time high of $108,364, BTC price fell by almost 9% last week.
This resulted in a massive bearish engulfing candle that wiped out the last two weeks’ recovery. BTC price hit a low of $92,118, testing the 50-day EMA line.
Currently, BTC is holding above the $94,000 support level and avoiding a bearish close below. At press time, BTC is trading at a price of $94,884, with a slight growth of 0.33%.
Creating a Doji candle at a crucial support level increases BTC’s chances of a comeback. The potential reversal moments could lead to a morning star pattern with a recovery on Tuesday.
However, the RSI line falling below half the level warns of underlying weakness.
Bitcoin ETFs mark third positive week
During the bearish week, there was a gradual reversal in institutional support, reflecting increased volatility. As of December 12, the US spot Bitcoin ETF saw a massive inflow of $636 million.
The ETFs are following an upward trend…
