Bitcoin is trading at a market price of $82,478, witnessing a 3.46% drop in the past 24 hours. This comes after the bearish engulfing candle formed by a 6.36% drop on Sunday.
Currently, the intraday recovery of 2.20% hints at a potential bounce back as Bitcoin floats above $80,000. Will the short-term recovery manage to avoid a closing below the $80,000 mark?
Bitcoin Price Analysis Warns $80k Breakdown
The daily chart showcases a declining BTC price trend that has marked the lowest daily closing price since November 11. Currently, the short-term recovery in BTC trades at $82,587 with a 24-hour high at $84,000.
This showcases bullish sustenance above $80,000 before reaching the crucial support level of $76,722. The massive, intense pullback over the past four days has led to a bearish alignment of the MACD and signal line.
Furthermore, the resurgence of bearish histograms is signaling a selling opportunity.
Based on the horizontal levels and the pivot indicator, the downfall in BTC is projecting a potential pullback to $75,000. On a bullish front, the critical resistance is at $86,700.
ETFs Record Massive $739M Outflow Last Week
Amid the declining Bitcoin prices, the institutional support for Bitcoin has failed to resurface over the last week. As per the tweet by SpotOnChain, the Bitcoin ETFs recorded an outflow of $739.2 million over the past week.
Furthermore, the Ethereum ETFs witnessed an outflow of nearly $94 million. This marks the fourth consecutive week of outflow for Bitcoin ETFs. Since February 10, the total outflow in Bitcoin ETFs has reached $4.49 billion.
Analyst Suggests Potential Bounce Back For Bitcoin
Despite the sudden increase in bearish pressure, analyst Ali Martinez expects the short-term bullish recovery to lead the next bull run As per the analyst, if Bitcoin declines to $84,000 as support, the BTC price could rally to an all-time high of $128,000.
This is based on the cumulative value destroyed at the bottom and top indicators. Based on the data from CryptoQuant, the target is predicted by the Accessing Tops line.
