CandleFocus Bitcoin Struggles Below $100K: Will Bears Push BTC to $90K?
2024-12-23
Author: Content Editor
Bitcoin (BTC) is struggling to sustain a position above the $95,000 support level and remains below $100,000. There is uncertainty in the market, and if institutional support does not resurface, a bearish conclusion is possible. Last week, BTC dropped nearly 9%, resulting in a bearish engulfing candle. Currently, BTC is trading at $94,884, with a minor growth of 0.33%. The RSI line dropping below the halfway level indicates underlying weakness. Institutional support for Bitcoin ETFs saw volatility, with a large outflow of $680 million. However, the overall trend has been positive, and a potential resurgence in institutional support is likely this week. The price trend is uncertain, with a possibility of a breakdown and a retest of the $90,742 support level. However, if institutional support resurfaces, a bullish continuation is possible, forming a morning star pattern and potentially testing the immediate resistance at $102,557.
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