Bitcoin price rebounds to $96 000 as traders assess ETF flows
Bitcoin price action has been dominated by a sustained downtrend, with the cryptocurrency extending its losses for a third consecutive day.
A sharp decline of 4.5% this week pushed BTC below last week’s low of $94,000, before finding support at the 100-day EMA, triggering a brief recovery to $95,500.
Adding to the bearish sentiment was the Coinbase Premium Index, which dropped sharply on Tuesday following the U.S. stock market open. This indicator, which tracks the price difference between Coinbase and other exchanges, is often viewed as a gauge of retail demand in the U.S. A negative premium indicates potential outflows from spot Bitcoin ETFs, suggesting that institutional and retail interest in BTC may be waning. This aligns with the recent Bitcoin’s price weakness, as reduced buying pressure from U.S. investors exacerbated the downward momentum.
Bitcoin technical outlook: 100-day EMA holds, but sellers remain in control
As of the European session on Wednesday, Bitcoin price is consolidating between $95,000 and $96,000, leaving traders questioning whether the recovery will continue past $96,000 or if the broader bearish trend will drive prices lower.
Bitcoin price dynamics (January 2025-February 2025). Source: TradingView.
The technical outlook suggests a critical battle between buyers and sellers. The recent decline below $94,000 marked a key technical breach, but the 100-day EMA provided much-needed support. If Bitcoin sustains gains above $96,000, it could attempt to challenge higher resistance levels. However, failure to maintain current levels may see renewed selling pressure, potentially dragging BTC back toward its recent lows and opening the door for further downside.
Looking ahead, Bitcoin’s price trajectory will depend on whether buyers can regain control above $96,000. Traders will be watching for further ETF flows and key support zones to determine the next significant move in BTC’s price.
Bitcoin faces downside risk toward $90,000 as institutional outflows and Fed comments weigh on sentiment. The cryptocurrency dropped to $95,300, extending its broader downtrend.
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