Will The Bitcoin Downward Trend Continues? Key Trendline Support In Focus

With bearish pressure mounting in Bitcoin’s market dynamics, the flagship asset is prone to experience further price decline within the upcoming days. Nevertheless, several support ranges proceed to act as a roadblock to recent negative moves, holding off against an prolonged correction.

Trendline Support To Determine Bitcoin’s Next Phase

Bitcoin’s price motion hangs within the balance as crypto expert and trader Rekt Capital draws a critical trendline support as the first defense against further losses. Rekt Capital’s evaluation addresses BTC’s possible next phase in light of the heightened volatility that has befallen the market.

The expert believes that holding this trendline support might stabilize the market, allowing BTC to muster enough momentum for a rebound toward higher levels. This shows the importance of sustaining the support, otherwise, Bitcoin risks deeper correction.

Delving into price movements, Rekt Capital highlighted that BTC is having trouble sustaining the $101,000 range low as indicated by the black line in his chart. Nevertheless, it continues to retest the blue diagonal line on the $99,158 level as support.

Key support for Bitcoin’s next phase | Source: Rekt Capital on X

Since this blue diagonal defines a trend, further price declines into the lower $90,000s may be prevented so long as it stays a support point. A break below the support is prone to alter market dynamics as speculations a few bear season in sight emerge inside the community.

Despite the fact that Bitcoin has recently faced a big negative move following a general market crash, the asset continues to dominate the complete crypto sector. Rekt Capital outlined that BTC’s dominance is steadily climbing, at the same time as its price fluctuates.

An increase in BTC’s sovereignty implies that investors are persistently selecting it as a safer asset in light of volatile periods. Because of this, the analyst declares that Bitcoin season remains to be intact until further notice, with traders searching for stability in BTC during unfavorable times.

While BTC continues to dominate the market, the tide will eventually turn in favor of altcoins within the foreseeable future, causing a possible start of the much-anticipated altcoin season. Within the meantime, Rekt Capital urges investors and traders to be patient, indicating his confidence in an impending altcoin season.

Massive Funds Flowing Into BTC To Bolster Price Spike

Despite waning price performances, investors are showing substantial interest in BTC as evidenced by massive funds flows within the historical Spot Bitcoin Exchange-Traded Funds (ETFs). Network economist and writer Timothy Peterson reported that capital inflows have surpassed $40 billion, marking its highest level ever.

Data reveals that the monthly amount invested in Bitcoin spot ETFs has risen to about $5 billion since October. Specifically, the exchange product net fund flows resumed its growth after a 1 month in stasis.

Thus the economist is confident that a persistent rise in capital inflow would trigger a monthly price increase for BTC between $10,000 to $15,000. This growth suggests heightened adoption and demand for exposure to BTC through financial products.