Bitcoin Crosses $86k, Is a Drop Over?

Bitcoin price held above the $86,000 mark on Monday after posting a mild weekend recovery. The rebound followed a sharp pullback last week that dragged the cryptocurrency to multi-week lows. The overall crypto industry market performed a little better, with a gain of approximately 1% in the past 24 hours. This move signaled a cautious shift in sentiment after several days of heavy selling and widespread liquidations.

Bitcoin price outlook strengthens after recent rebound

The major crypto markets, such as Ethereum, Ripple, Solana, and Dogecoin, also started the week with slight profits. These assets stand above major support levels, and this indicates that the recent recovery might persist. Analysts, however, caution that sentiment remains weak and one can easily get checked once the market momentum starts losing ground.

The U.S. Federal Reserve signals are also being monitored by the traders. Federal Reserve Chairman Jerome Powell can promote the idea of an additional 25-basis-point rate cut at the December meeting. A number of officials are still divided, and the decision is a close call. The positive attitude of Powell may facilitate the financial situation and, possibly, increase at-risk assets such as the price of Bitcoin.

Bitcoin ETFs See $1.22 Billion in Weekly Outflows

Last week, U.S. spot Bitcoin ETFs incurred redemptions of $1.22 billion, and the outflow trend has been four weeks. The daily net withdrawals were up to 238.47 million.

The monthly net outflows were increased to 3.55 billion, and this indicates continued investor caution during the recent market changes.

Source: Sosovalue data

Will Bitcoin Price Break Toward the $100K Mark Next?

BTC price climbed $86,800 and held a narrow range after recent heavy selling. A sharp breakdown in the market earlier this week formed a stable position at above $86,000.

The MACD histogram also became positive and showed an increasing bullish momentum. Both MACDs crossed upwards, and the demand after the recent correction was better. The RSI was around 47 and indicated a neutral and slightly advancing trend.

If Bitcoin price clears the $90,000 ceiling, momentum could favor a push toward $92,000.

A stronger continuation may place the $100,000 region back into focus for medium-term targets, as long-term Bitcoin forecast is still bright.

Source: BTC/USD price chart: Tradingview

Nevertheless, falling below $84,000 may undermine the building once more. The second important support is close to the $80,000 and is crucial in the wider bullishness. A breakdown at such a zone would open up more downside risk in the market.

Source: https://coingape.com/markets/btc-price-prediction-bitcoin-crosses-86k-is-a-drop-over/