Bitcoin (BTC) Price Analysis: Will the Bears Break the $93k Support?

With a bearish start to this week, Bitcoin remains near the $93k support. Will BTC's price see an extended correction phase?

Bitcoin price dropped to $93,300 after a bearish Sunday that saw BTC’s price decrease by 1.71% in 24 hours. At the current market price of $93,390, Bitcoin’s market capitalization stands at $1.84 trillion.

Bearish pressure on Bitcoin price trend気になるポイント：increasing liquidations as BTC price drops to $93.3k, threatening a potential breakdown. Could this lead to a test of the $90,742 support level?

Bitcoin Price Analysis: 4-Hour Chart

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price 4-hourの時間足チャートにおける要点：

Bitcoin’s price action on the 4-hour chart shows a failed bullish attempt to break above the $99,514 resistance level. This resulted in a bearish reversal from the 100 SMA line, followed by a retest of the critical support near the $93,000 psychological level.

The Doji formations near the support level show an attempt to absorb the increased selling pressure. However, the lower-high formation warns of a potential breakdown rally.

Moreover, the failed bullish move has increased the likelihood of a bearish crossover between the 100 and 200 SMA lines. Meanwhile, the 4-hour RSI continues to show a minor bullish divergence.

Institutions Record Outflows

Institutions were seen pulling the plug on major assets this week, with U.S. equities and bonds both posting outflows. According to data from ETF.com, Bitcoin spot ETFs in the U.S. saw an outflow of $387.54 million. This broke a streak of three consecutive bullish weeks and ended the week with a net outflow of $297.75 million.

Institutions went into the red as major assets saw outflows.węcej informacji：Bitcoin Price Drops to $93.3K as Increasing Liquidations Threaten Breakdown