With an extension of the overnight recovery, Bitcoin is trading at a market price of $89,817. Within the past 24 hours, BTC price has reached a high of $90,623. This marks a significant recovery from the 7-day low of $78,197.
However, the massive fluctuations have also created a 7-day high at $95,152. The recovery run in BTC price had a potential comeback to $94,000.
Reversal in Bitcoin Prices Aim 50D EMA
In the daily chart, the BTC price trend showcases bullish sustenance above the 200-day EMA line. This results in a morning star pattern with a low price rejection driving the rally.
As BTC price fluctuates near the $90,000 mark, the recovery run is projecting a surge in buying pressure. Hence, the momentum indicator reflects the MACD and signal lines on the verge of giving a positive crossover.
Furthermore, the morning star pattern formed in Bitcoin is near the dynamic support level. This increases the chances of a bullish comeback in BTC prices.
However, the prevailing downfall projects the 100-day EMA line as the immediate resistance near $92,964.
Analyst Points Bullish Stride Ahead
The crypto analyst Titan of Crypto highlights the possibility of a massive rally in BTC prices. As per his Ichimoku analysis, the lower price rejection in the weekly candles highlights the BTC price taking support at the Kijun line.
The Kijun line is acting as a weekly support for BTC prices. The current lower price ejection hints at a potential weekly closing in Bitcoin above the Tenkan line at the $94,000 mark.
This will signal a shift of momentum in Bitcoin and increase the chances of a new all-time high.
ETFs Maintain Outflowing Stance
The US spot Bitcoin ETFs on March 3 witnessed an outflow of $143.43 million. Grayscale recorded an inflow of $35.79 million. However, six Bitcoin ETFs recorded a net outflow between $13 million to $46 million.
Meanwhile, five spot ETFs, maintained a net zero flow. This marks the second day of a consecutive outflow in Bitcoin ETFs, surpassing a total of $200 million.
Will Bitcoin Price Hit $100k?
As per the BTC price analysis, the recovery run in Bitcoin is likely to follow if the broader market remains stable. However, with the ongoing tariff wars and the global market instability, the BTC price is likely to remain volatile.
Nevertheless, the horizontal levels at $99,514 and the $106,000 supply zone remain crucial resistances. On the flip side, the 200-day EMA near the $85,000 mark, and the $80,000 psychological support remains the key demand level.
