Bitcoin is Breaking Down the Crucial Range—Is a Pullback to $90,000 Still Viable?

Share This Post

Bitcoin Reserve Strategy

The post Bitcoin is Breaking Down the Crucial Range—Is a Pullback to $90,000 Still Viable? appeared first on Coinpedia Fintech News

Ever since Donald Trump became the President of the U.S., the expectations of a flourishing future for the crypto markets have risen. Meanwhile, the sluggish trend of Bitcoin, without a strong attempt to reclaim the levels above $100K, raises some concerns over the next price action. Meanwhile, over 26,000 BTC options are about to expire today worth over $2.54 billion, with a maxpain point at around $100,000. Therefore, the BTC price is expected to display a significant rise in volatility in the next few hours. 

Besides this, the ETF volume has dropped to some extent, while the outflows have to be more than that of inflows. Amid the growing uncertainties around Bitcoin, the massive outflow from the centralized exchanges flashes massive bullish signals for the crypto. As per the data from Glassnode, over 170,000 BTC were withdrawn from centralized exchanges during the previous day’s trade, marking it one of the largest outflows since April 2024.

This is a massive bullish signal for the BTC price rally, as the market participants could be extremely bullish on the price rally ahead. This suggests the whales are holding, which validates that this is not the top for the BTC price rally. Hence, this shift could introduce new opportunities for the market participants. What’s next? When will the price rise back above $100,000? 

After the recent pullback, the Bitcoin price is struggling to rise above the crucial resistance zone between $98,612 and $99,500 for a couple of days. This consolidation is expected to prevail for some more time as the bulls continue to display weakness. The drop in the CMF suggests the growing weakness within the rally as the bears are gaining strength against the bulls. However, the RSI has displayed a bullish divergence hinting towards a potential rebound. 

Therefore, Bitcoin (BTC) remains within a bullish range, provided the support at $95,000 is defended well. Otherwise, a pullback could lower the ranges close to $92,000, wherein a reversal is expected at $91,500. Hence, a pullback below $90,000 could be less viable until the bears do not intensify their action. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Must Reclaim $2,050 To Start A Recovery Rally – Insights

Ethereum (ETH) is now trading below the crucial $2,000 mark, struggling to find momentum after days of selling pressure and consolidation around $1,900 The broader crypto market remains under heavy

24 Ways Crypto Investors Are Being Hunted by Cybercriminals—Wallets Drained at Record Speed

Crypto scams are draining wallets fast, using AI fraud, fake mining, and Ponzi schemes—so advanced that regulators struggle to keep up 24 Brutal Crypto Scams Hunting Investors — The Tactics

Whales Accumulate Over 420,000 Ethereum In Five Days – Rally On The Horizon?

Ethereum (ETH) has seen underwhelming price action this year, disappointing analysts and investors who expected a massive breakout Instead, ETH is now trading at its lowest levels since October 2023,

Cardano (ADA) Price Prediction for March 16

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an

UK FCA’s Finprom Rules 1 Year Later: How to Kill an Industry in One Easy Step

As a lawyer (not yours), I spend a good chunk of my time explaining to businesses why they need to pour half their budget into compliance instead of, you know, actually building something useful But

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its