CandleFocus

Bitcoin Price Analysis: Economic Headwinds Push Price Lower

Bitcoin's price has dropped from a high of $102,667 to $94,890, but is still within a demand zone. The price is in a bullish territory overall, but a push below $92,000 could change that. The best buy levels are at the last break of structure on the daily timeframe or at the 50% Fibonacci level. There are two fair value gaps that could support a continuation back to the high of $108,000. However, this is dependent on Bitcoin breaking below the $91,000 level. On the other hand, spot crypto ETFs experienced outflows after the release of the Fed meeting minutes, with BTC ETFs losing $568.8Mn and ETH ETFs losing $159.4Mn, with Fidelity being the biggest contributor to the outflows.

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