- Bitcoin faces strong bearish pressure but holds crucial support above $94,000.
- Bitcoin’s price outlook hinges on breaking key resistance levels or risking a drop to $90,000.
Bitcoin starts the week on a rough note. Prices dipped below $96,000, raising concerns among investors. Last week, BTC swung between a low of $93,340 and a high of $99,508. Despite this volatility, it ended the week with a slight 0.14% gain at $96,262.
As the new week begins, bearish sentiment dominates. Bitcoin now trades at $95,714, reflecting an intraday drop of 0.57%. The market remains cautious as BTC teeters near crucial support levels.
ETF Outflows Amplify Pressure
Adding to the bearish mood, U.S. spot Bitcoin ETFs witnessed significant outflows. According to SpotOnChain, there was a staggering $552.5 million outflow last week. The selling pressure dragged BTC prices down by nearly 8%. All four trading days recorded outflows, culminating in a weekly Doji candle—often a sign of market uncertainty.
Key Technical Levels to Watch
On the daily chart, Bitcoin faces strong resistance near the $98,500 supply zone and the 50% Fibonacci level. A rejection from the overhead trend line has intensified bearish pressure. Yet, the price repeatedly bounced near the $95,000 mark, showing resilience.
A bullish breakout above $96,703 (38.20% Fibonacci level) could shift momentum. If that happens, BTC may retest the $98,500 zone. Clearing this hurdle might pave the way toward $103,393 and even the $108,000 supply zone.
On the flip side, a breakdown below $95,000 could lead BTC to test the $94,393 support (23.60% Fibonacci level). Failure to hold that line increases the risk of a dip toward the psychological $90,000 mark.
Bitcoin Crucial Juncture
Bitcoin stands at a critical juncture. Holding above $94,000 is vital to prevent deeper losses. While ETF outflows weigh on sentiment, historical trends offer hope. The coming weeks will reveal whether BTC defends its ground or succumbs to bearish forces.
