Will BTC defend the support of 94 thousand dollars?

Bitcoin returned to less than $ 96,000, as the weekend encryption market begins in a declining memo. Is the fall to 90 thousand dollars imminent this week?

Last week, Bitcoin It faced huge fluctuations, with a 7 -day decrease at 93,340 dollars and a height of 99,508 dollars. Despite the tremendous fluctuations, the BTC concluded the week with $ 96,262, with a 0.14 % increase.

Meanwhile, the uncertainty towards the BTC price takes a downward shift at the beginning of this week. With a decrease during the day by 0.57 %, Bitcoin trades at a market price of $ 95,714.

Moreover, the cumulative weekly flow last week in ETF Bitcoin remained negative. Amid such circumstances, will Bitcoin keep its decisive support near the $ 94,000 sign, or is the fall off?

Detaire pressure on the daily chart

In the daily graph, the BTC price trend reveals a significant declining effect that dominates the price direction. Currently, Bitcoin is higher than $ 95,000 after rejection from the upper trend line.

Along with the upper trend line, the decisive supply area near 98,500 dollars and the Fibonacci level by 50 % affect the rapid shift. With short -term sustenance near the $ 95,000 mark, the BTC price trend hints to a possible return.

It supports the money flow index, which supports upward opportunities, an increase in flow because it bounces from the sale area. Currently, BTC prices show a 0.26 % increase in the past four hours, with multiple procedures for low prices near the $ 95,000 brand.

BTC is likely to return at the level of 38.20 % of the Fibonacci level at 96,703 dollars. In the event of an upward outbreak, the upward trend will first turn to the upper direction line, which leads to four hybrid repercussions.

A successful BTC penetration can push the $ 98,500 supply area near the Fibonacci level by 50 %.

On the contrary, the domestic support collapse will test at a mark of $ 95,000, 23.60 % Fibonacci at 94,393 dollars. Moreover, it will increase the chances of rapid reconsideration of psychological support of $ 90,000.

Bitcoin’s investment funds are witnessing huge flows

according to The last Tweet by Spotonchain, Spot Bitcoin ETFS has seen a large flow of $ 552.5 million last week. There were external flows on all four trading days, as BTC prices decreased by approximately 8 %.

This decrease resulted in a weekly Doji candle, indicating uncertainty in the market.

Will March lead to the bullish return of Bitcoin?

Despite the constant fall, the Bitcoin price is likely to return to the upcoming return next month. According to CoinglassFor the past four years, Bitcoin has recorded great returns in March.

If the upward trend continues, next month, a bullish splash next month may witness the outbreak of the Fibonacci level by 50 %. The outbreak of the Fibonacci level can open by 50 % doors to achieve more gains, targeting the Fibonacci level by 78.60 % at 103,393 dollars and the supply area near the $ 108,000 mark.