Bitcoin is experiencing a bearish start to the week, falling below $96,000. The cryptocurrency faced significant fluctuations last week, but ended with a slight surge. It is uncertain whether Bitcoin will sustain above the $94,000 support or if a downfall to $90,000 is imminent. The BTC price trend is currently influenced by bearish factors, but there is potential for a comeback. The money flow index indicates an inflow surge and there have been multiple low-price rejections near $95,000. Bitcoin may rechallenge the $96,703 level and potentially break out to the $98,500 level. However, if local support at $95,000 breaks down, it could test the $94,393 level and increase the chances of revisiting the $90,000 support. U.S. spot Bitcoin ETFs saw a significant outflow last week, coinciding with a drop in BTC prices. Despite the ongoing downfall, Bitcoin's price is expected to have a bullish comeback in March based on past performance. A breakout above the 50% Fibonacci level could lead to further gains targeting the $103,393 level and the supply zone near $108,000.
Content Editor ( thecryptobasic.com )
- 2025-02-24
Bitcoin Under Pressure: Will BTC Defend the $94k Support?
