Amid a crypto market downturn, Bitcoin bulls are holding support at $92K. Will this lead to a recovery run this weekend?
The total market cap has dropped to $3.28 trillion as the crypto market continues to slide. With increasing bearish sentiment, Bitcoin has fallen below the $94,000 mark.
After a 2.28% drop in the past 24 hours, will Bitcoin continue its descent to retest the $90,000 level?
Bitcoin Price Analysis
On the 4-hour Bitcoin price chart, the bearish reversal from the $102,557 supply zone continues to gather momentum. Bitcoin has broken below the $95,119 support level and is now testing the $92,654 support level.
After a minor 0.35% recovery over the past 4 hours, the lower price rejection offers a glimmer of hope. However, the ongoing correction has triggered bearish crossovers between the 50 and 100 EMA lines, as well as the 20 and 200 EMA lines.
These crossovers are signaling a bearish trend, indicating a potential sell-off.
However, the RSI is showing a bullish divergence as it moves sideways, slightly above the oversold boundary. This suggests that a reversal could be in the cards despite the falling BTC price.
Bitcoin ETFs Outflow Hits $582 Million
As Bitcoin fails to maintain dominance above $94K, US Bitcoin spot ETFs have experienced the second-largest outflow ever recorded.
On January 8, Bitcoin ETFs saw a massive outflow of $582.90 million. Specifically, the negative flow was led by Fidelity’s FBTC, which saw an outflow of $258.69 million. Meanwhile, Ark Invest followed with a $148.3 million drain, while BlackRock saw a $124 million outflow.
Other Bitcoin ETFs like WisdomTree, VanEck, and Coinshares Valkyrie recorded zero flow from Wednesday trading.
BTC Price Targets
Based on the current price action, a bullish recovery could retest the $95,119 support and resistance level, followed by the $99,514 resistance.
On the other hand, a breakdown below the $92,654 support level could push Bitcoin toward the psychological $90,742 mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2025/01/09/bitcoin-bears-target-90k-as-btc-etfs-see-582m-outflow/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-bears-target-90k-as-btc-etfs-see-582m-outflow