The post Bitcoin Price Prediction Today: Bears Target $77000 appeared first on Coinpedia Fintech News
Bitcoin is currently trading slightly above the $93k level and is down by more than one percent in the last 24 hours. The largest cryptocurrency has almost erased the majority of the gains made in the last seven days and is now failing to rise back above the $95k levels.
Despite this short-term setback, Bitcoin is showing signs of potential bullish divergence on smaller time frames, suggesting that upward momentum may resume soon. Moreover, liquidity is building both above and below the current price, signaling possible movements in either direction.
Bitcoin ETF Outflows Impacting Price
On Monday, Bitcoin experienced net outflows from spot Bitcoin ETFs, contributing to selling pressure. While BlackRock continues to see inflows, most other ETFs have seen outflows, totaling about $435 million. These outflows could lead to further price declines if they continue, but will need to be monitored for their impact on Bitcoin’s price.
Long-Term Bullish Outlook, Short-Term Challenges
According to analyst Josh of Crypto World, the overall trend remains bullish, with strong signals like a MACD crossover suggesting long-term upward movement. However, Bitcoin is facing resistance between $100,000 and $102,000, as per the Fibonacci extension levels. If Bitcoin fails to break above this range soon, it could face a period of consolidation or a pullback.
Important Support and Resistance Levels
He said that Bitcoin recently closed below $94,000, which could now act as resistance. If Bitcoin fails to reclaim this level, further downside could be possible. Support is expected at approximately $88,000, with major support between $90,000 and $92,000, based on traded volume data. Below this, Bitcoin could see a quick drop towards $77,000 if it breaks below $87,000.
Short-Term Divergence and Liquidity
A bullish divergence has been confirmed, suggesting a slight recovery or sideways action in the next few days. Short-term support levels are crucial, and Bitcoin is currently showing liquidity buildup around $91,000, with more liquidity at $100,000, hinting at potential for a short squeeze if Bitcoin breaks above this price.