#Bitcoin drops below $82K, signaling a potential extended correction to $80K amid rising fear and uncertainty.
With crypto market liquidations reaching up to $217 million in the past 24 hours, Bitcoin is experiencing a sharp pullback. Over the past four days, Bitcoin has fallen by 6%, hitting a 24-hour low of $81,287.
Currently, Bitcoin is trading at $81,993, showing signs of a lower price rejection. Will this lead to a bullish rebound and prevent a retest of the $80,000 support level?
Bitcoin Analysis Warns of a Retest Near $80K
In the daily chart, Bitcoin’s price action shows a sharp bearish reversal from an overhead resistance trendline. This breaks the 67.8% Fibonacci level at $86,145 and the 200-day EMA near $85,500.
With a series of consecutive bearish candles, Bitcoin is approaching the 50% Fibonacci level at $79,957. However, despite the bearish pressure, the lower price action in the past three candles suggests a potential reversal.
Nevertheless, the downtrend has triggered a bearish crossover in the MACD and signal lines, indicating a possible steep correction ahead. Meanwhile, the declining trend in the 50-day and 200-day EMAs points toward a golden crossover.
Bitcoin ETFs’ Streak of Consecutive Days of Inflows Ends
Despite the bearish market, Bitcoin ETFs saw an inflow of $196 million last week, marking the second consecutive week of positive inflows after a $744.35 million inflow the previous week.
However, the monthly net inflow is negative, at -$696.84 million. Furthermore, on March 28, a $93.16 million outflow ended a streak of 10 consecutive days of inflows. Most of this outflow came from Fidelity, which recorded a withdrawal of $93.16 million, while other Bitcoin ETFs maintained zero flows.
