Bitcoin (BTC) Price Hits Lowest Level in 100 Days

Bitcoin’s price has reached its lowest point in 100 days, warning of a potential drop to $75,000 as institutional support wanes and ETF outflows rise.

Market Overview

With a 4.42% drop in total crypto market cap, Bitcoin tested a new low of $82,133, the lowest since November 11, 2024. Currently, it trades at $85,961, showing a 2.25% intraday recovery. Struggling near the 200-day EMA line, questions arise about a potential crash to $75k.

Bitcoin Price Trends

The daily price chart indicates a consolidation breakdown as Bitcoin breached the 78.6% Fibonacci level at $91,783. Increased selling pressure has led to three consecutive bearish candles, marking a breakdown below the 200-day EMA line.

Having recently touched the 61.8% Fibonacci level at $81,857, Bitcoin saw a slight recovery of 2.60%. However, the downturn has affected the 50-day EMA line, signaling a potential negative crossover with the 100-day EMA line. Such a crossover could trigger further selling.

ETF Outflows Impacting Support

Institutional support continues to dwindle, evidenced by a $754.53 million outflow from US Bitcoin spot ETFs on February 26. This is the second-largest outflow in the history of these ETFs, following a $1.14 billion outflow just days before. February has seen only four days of inflow amidst seven days of outflow.

Future Prospects for Bitcoin

The market is bracing for a potentially steeper downturn in Bitcoin, with declining institutional support increasing bearish trends. A breakdown below the 61.8% Fibonacci level could push Bitcoin towards the 50% level at $75,535. Conversely, if Bitcoin closes above the 200-day EMA line, there could be a potential retest of the 78.6% Fibonacci level at $91,783.