#Bitcoin remains below the $100,000 level and struggles to sustain a position above the $95,000 support level. With a bearish closing on Sunday, the intraday uncertainty in Bitcoin might lead to a bearish conclusion if the institutional support fails to resurface.
Bitcoin Price Analysis
With a 2.17% drop on Sunday, Bitcoin concluded the last week on a bearish note. Starting from the quick reversal from its recent all-time high of $108,364, BTC’s price dropped nearly 9% last week.
This resulted in a massive bearish engulfing candle, undermining the recovery run over the past two weeks. BTC’s price has created a low of $92,118, testing the 50-day EMA line.
Currently, BTC sustains above the $94,000 support level, avoiding a bearish closing below it. At press time, BTC is trading at a price of $94,884, with a minor growth of 0.33%.
Creating a doji candle at a crucial support level increases BTC’s chances of a comeback. The potential turnaround moments could create a morning star pattern with a recovery on Tuesday.
However, the RSI line dropping under the halfway level warns of an underlying weakness.
