- Summary:
- Bitcoin price has broken outside the USD 96K-97K range for the first time in a week, with no impactful change in market fundamentals.
Bitcoin price was down on Tuesday, registering the third successive day of losses. It was also the first time in a week that the coin has broken below the $96k-$97k range, signaling the strengthening of the downward momentum. BTC traded at $95,420 at the time of writing, down by 0.3%.
In view of a 44% rise in trading volume in the last 24 hours, the return to the $95k territory raises the prospect of a breakout to the downside. In addition, that level serves as psychological support for the coin, and a slide below it could speed up the decline.
Despite the pressure on Bitcoin price, institutional interest is relatively strong. BlackRock bought $127 million worth of the coin in the last week. Also, Tudor Investment Corporation, the investment firm led by billionaire Paul Tudor Jones revealed in a SEC filing this week that it doubled its BlackRock iShares Bitcoin Trust (IBIT) portfolio to $426 million.
More institutions are likely to use BTC price decline as an opportunity to buy more of the asset. That could help the coin find stability and potentially trigger a reversal. Meanwhile, Bitcoin spot ETFs recorded inflows worth $70.6 million on Monday, the first net positive inflow in the last five sessions. That signals the potential formation of a new trend and affirms the likelihood of a reversal in the coming days.
Bitcoin Price Prediction
Bitcoin price pivots at $95,770, and the RSI indicator favours the sellers’ being in control. The BTCUSD pair will likely go lower to the first support at $95,140. A stronger momentum will break below that level and could test the second support at $94,500.
On the other hand, breaking above $95,770 will signal a shift in the momentum to the upside. In that case, the first resistance is likely to be at $96,300. A break above that level will invalidate the downside narrative. Also, the momentum could strengthen the upward push and potentially test $96,775.
