The bitcoin price has dropped below the $104,000 mark, signaling a possible retest of the $100,000 psychological mark due to a breach of the support trendline. Bitcoin has lost support above the $104,000 level following a rapid 2.75 percent decline the previous day.
The market value is still $2.052 trillion, and the current price of Bitcoin is $103,674. The recent increase in supply has redirected focus to a critical support trendline, which may indicate an extended correction. Can we expect a breakdown of $100,000 due to the downward trend?
Bitcoin Price Analysis
The price behavior of Bitcoin on the 4-hour chart reveals that an attempt to sustain a solid close above the 50% Fibonacci barrier was lost. The pivotal level of Fibonacci resistance is $106,912. A fresh record high of $108,364 was insufficient to prevent a rapid bearish reversal due to the region’s excessive supply. The result is a decline of 4.42% from the recent record high.
The price has dropped below the 20-EMA line on the 4-hour chart, signaling a bearish retracement. Coin accident with the formation of two massive bearish engulfing candles, Bitcoin Tests Key is presently evaluating a locally significant support trendline. You may see this support trendline at $103,093, just above the 38.20% Fibonacci level.
Bitcoin ETFs Buy The Dip
You can find more support at around $102,676 and close to the 50-EMA line. With current levels of support, a positive recovery in BTC is possible. Unfortunately, the 4-hour RSI has fallen below the midway point due to the rapid loss, which indicates that selling pressure has escalated and further downside could be imminent.
While the market was down overnight, BlackRock bought $741.41 million worth of Bitcoin yesterday. The USD spot Bitcoin ETF’s total daily net inflow hit $493.95 million thanks to this massive influx. In comparison, Fidelity and three other exchange-traded funds (ETFs) lost $128.17 million. Furthermore, over the past 14 days, Bitcoin spot ETFs have seen positive inflows totaling $6.45 billion.
BTC Price Targets
According to Fibonacci levels, a breakdown below the 38.20% Fibonacci level could lead to a retest of the $100,000 psychological mark, with the 23.60% Fibonacci level at $98,369 serving as a target in the event of an extended decline. Conversely, a bullish reversal for Bitcoin would face resistance at the 50% Fibonacci, with a bullish target set at $110,730.
Bitcoin (BTC) price forecasts for 2024 are influenced by the 2024 halving event, institutional adoption, and regulatory changes. Many analysts expect Bitcoin to reach new highs as the halving cuts mining rewards and delays coin issuance, increasing demand—bitcoin price projections for 2024 range from $60,000 to $100,000.
Bullish predictions aiming for $150,000 or $200,000 by mid-2025. Bitcoin’s price will benefit from institutional adoption by major enterprises, financial institutions, and Bitcoin ETFs. However, regulatory developments and market opinion can cause bitcoin price variations. Despite this, many experts expect Bitcoin to rise in 2024.
Summary
This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Bitcoin Tests Key: Readers are encouraged to thoroughly research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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