Bitcoin's price is currently hovering around $95,300, and while there's always a possibility of a drop, the forecast suggests a potential breakout to $100,000 or a correction to $90,000.¹
Several factors are at play here. On one hand, MicroStrategy's co-founder Michael Saylor has been presenting a strategic approach to Bitcoin, highlighting its significance as the next technological wave. This could lead to increased institutional demand and drive the price up.
On the other hand, Bitcoin US spot ETFs experienced a net outflow of $136.5 million last week, which could be a sign of decreased institutional interest. Additionally, the Relative Strength Index (RSI) on the daily chart is reading at 61, indicating weak bullish momentum.
As for the possibility of Bitcoin dropping to $60,000, it's difficult to predict with certainty. However, if Bitcoin faces a pullback, it could extend the correction to retest its $90,000 support level.
Keep in mind that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. It's essential to stay informed and adapt to changing market conditions.