Bitcoin price has returned below the psychological $95k support, signaling exhaustion of the recent bullishness. The coin traded at $94,693 at the time of writing, having inched up by 0.4% on the daily chart. The coin registered two successive daily losses during the weekend, having been rejected at $97,938; the highest mark since late February.
The crypto market bellwether rose by 1% in the last seven days and has gained 13% in the last month, pointing to an underlying bullish momentum. However, breaking the $95,000 support will spook some investors who had hopped that BTC price could retest the six-figure level in the near-term.
Meanwhile, Bitcoin still presents an attractive proposition for institutional investors. In its latest review, BlackRock has advised investors to allocate at least 2% of their portfolio. The investment giant says there’s more risk in not owning BTC than owning it. The institutional posture toward Bitcoin is reflected in the ETF market.
US-based Bitcoin spot ETFs bought 18,644 BTC last week, about six times the 3,150 BTC mined in that period. In addition, the ETFs had net positive inflows in eleven of the last twelve sessions.
However, on a negative note, Arizona Governor Katie Hobbs on Friday vetoed two bills that had sought to allocate 10% of the State’s resources in purchasing digital assets. Hobbs described cryptocurrencies as “untested investment”, strengthening the Bitcoin price downtrend heading into last weekend.
BTC Price Prediction
The momentum on BTC price calls for further upside action above the pivot mark at $94,270. The coin will likely meet the first resistance at $95,470. However, if the buyers extend their control, the price will break through that barrier and test $96,855. Alternatively, going below $94,270 will invite the sellers to take control. That could see the first support come at $93,275. Action below that level will invalidate the upside narrative. In addition, such momentum could extend losses and test the second support $92,525.
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