- Summary:
- Bitcoin price is hanging precariously above the USD 90K mark, with ETF data signaling trouble. Is there a way back up for coin?
Bitcoin price continues to struggle for traction, with a prolonged consolidation seeing it hang precariously above the $93k support level. The crypto coin traded downward early on Monday, going for $93,250 after losing 0.3% of its value at the time of writing.
In addition, Bitcoin’s 24-hour traded volume stood at $35.37 billion, up by 53.5% during that time frame. That signaled a likely continuation of the downside, making the $90K mark the most significant psychological support.
Why Bitcoin price decline will likely continue
The decline in BTC price is reflected in the ETF market, where the crypto market bellwether recorded negative inflows in five of the last six trading sessions. Friday’s session saw Bitcoin ETFs record -$323 million in net outflows. The trend signals waning investor confidence in future Bitcoin price performance, which could add more downward pressure on the asset.
Most investors are already locked in on the Trump effect on Bitcoin price, leaving little room for further upside. The focus is now on institutional adoption of the crypto coin as a payment method to inject fresh volatility.
Elsewhere, Russia’s Finance Minister, Anton Siluanov revealed last week that the nation is using BTC for foreign trade. That signals rising acceptance of the crypto coin in the mainstream economy, which could spur up the price.
However, the bigger impact could come from the establishment of a strategic Federal Bitcoin Reserve. Nonetheless, that remains a long shot, even with Trump at the White House. Therefore, these factors are creating conditions that could drive BTC price to sub-$90k territory in the coming days.
BTC price prediction
The BTC price pivot mark is at $94,280 and the downside will prevail if resistance stays at that level. With the sellers in control, BTC will likely move to the first support at 93,095. However, a stronger downside momentum could break below that level and test $92,030.
Alternatively, moving above $94,280 will shift the momentum toward the upside. In that case, Bitcoin price is likely to encounter initial resistance at $95,580. Breaking above that level will invalidate the downside narrative. Also, such momentum could extend gains and test $97,300.
