As the total crypto market plunges back to $3.09 trillion, a downfall in Bitcoin shakes the crypto market. Bitcoin registered a drop of 1.76% yesterday, creating a bearish engulfing candle.
This puts immense pressure over the altcoin segment and hampers the breakout chances in multiple coins. Currently, Bitcoin is sustaining dominance above its $95,000 support and hints at a potential comeback, despite the short-term bearish signals.
BTC Price Analysis Reveals Critical Support Trendline Breakdown
In the daily chart, the BTC price trend has created a bearish engulfing candle, undermining Monday’s recovery of 1.03%. As the BTC price fails to sustain above the 38.20% Fibonacci level at $97,000, it takes a reversal after creating a 24-hour high at $98,490.
Bitcoin price Chart
This sudden reversal highlights immense selling pressure near the 50% Fibonacci level at $98,733. This region has resulted in multiple higher price rejections in the last week.
With the bearish engulfing candle, the BTC price broke under the long-standing support trendline. However, with the lower price rejections at the 23.60% Fibonacci level near the $95,000 psychological mark, a glimmer of hope remains for BTC buyers.
If the MACD and signal lines remain widely unaffected by the bearish engulfing candle and continue to tease a potential bullish crossover, the outlook could shift. Furthermore, the stochastic RSI line maintains the short-term uptick within the oversold region, hinting at a potential comeback.
Hence, the momentum indicators are teasing a bullish comeback for Bitcoin.
ETF Outflows and Institutional Influence
Despite the diverging viewpoints on the daily price chart, institutional support highlights a bearish nature. On February 11, the daily total net inflow of U.S. Bitcoin spot ETFs hit an outflow of $56.76 million.
Bitcoin ETFs
BlackRock remained the only ETF recording an inflow of $23.80 million, while six ETFs recorded a net zero flow. The five ETFs recording an outflow turned the charts bearish.
Fidelity recorded an outflow of $43.60 million. Franklin recorded an outflow of $11.03 million. Meanwhile, Invesco, Bitwise, and WisdomTree together recorded an outflow of almost $26M.
Bitcoin Price Target: A Rebound to $100K?
If institutional support aligns with technical signals, the BTC price could bounce back to the 68.80% Fibonacci level near the $100,000 mark.
On the flip side, the crucial support for Bitcoin remains the $95,000 mark, followed by the $92,000 level.
