As one of the worst weeks in the crypto market, the liquidations over the past 24 hours have risen up to $954 million. Amid the increasing bearish pressure, Bitcoin is down 5.79%, trading at a market price of $79,735.
With another bearish and wealthy candle, Bitcoin marks its 4th consecutive bearish candle this week. Will this declining trend crash under the $6,000 support level? Let’s find out.
Bitcoin Under Bears Grip Breaks $80k
In the daily chart, the declining trend continues after facing a bearish reversal from the $99,000 resistance level. The declining trend has resulted in a bearish crossover of the MACD and signal lines.
The bearish histograms are resurfacing, signaling the increase in trend momentum. Furthermore, the daily RSI line has crossed into the oversold territory.
The 24-hour low is registered at $78,197, with a lower price rejection. A potential sideways shift could be seen slightly before the $76,722 support level.
Institutional Outflows Record $3.27B in Eight Days
Amid the declining Bitcoin price trend, institutional confidence continues to decline. On February 27, the daily total net inflow of U.S.-registered spot Bitcoin ETFs was down at $275.83 million in outflows.
This marked the eighth consecutive day of outflow in the U.S. Ethereum spot market. Over the past eight days, the outflows have accounted for $3.27 billion worth of Bitcoin.
On February 27, Bitwise remained the only ETF to record an inflow worth $17.65 million. BlackRock recorded the massive outflow of $189.02 million, followed by WisdomTree with $53.78 million worth of outflow.
Bearish Futures For Bitcoin?
As the bearish trend gains momentum, the Bitcoin liquidations over the past 24 hours rise up to $474.46 million. The long liquidations account for $415.71 million. In the futures market, the funding rate is now at 0.0113%, reflecting an increased premium to be paid by bulls to hold their long positions.
The long-to-short ratio remains at 0.9562, reflecting a slightly larger number of bearish positions at play. Overall, the open liquidation is down by 7.64% at $49.57 billion.
Will BTC Price Hit $67k?
As per the price analysis, the downfall is likely to test the $76,722 support level. However, the ETF outflows and the fundamental shift towards bearishness warn of a potential breakdown.
The next crucial support level for Bitcoin under $76,000 is highlighted near $67,000. However, the lower price rejection hints at a potential comeback to retest the overhead ceiling at $86,707.