Overall, BTC is at a critical support level, and failure to hold may lead to further declines, whereas a strong recovery above $88,000 could signal a bounce.
THE CRYPTO LADY 📈💰
27 Feb, 08:33
208
BTC UPDATE Daily Market Overview and Thoughts: February 27
Daily TF: Bitcoin experienced a notable decline to $82,200 with BlackRock selling 5,002 Bitcoin worth $418 million on February 26th, marking the highest-ever outflow in a single day. Cumulatively, all U.S. Bitcoin ETFs experienced negative flows worth $754 million.
Bitcoin is currently trading near $86,000 with a daily gain of +2.30%, but remains in a strong downtrend after breaking key support levels: $88,000 - $85,600. Resistance levels are identified at $96,800 (POC) and $94,000.
BTC broke down from a sideways consolidation in early February, leading to a strong bearish move with lower lows, following a descending parallel channel structure. The current bearish outlook suggests that if $85,600 fails, BTC could head towards $80,000 or lower. However, a bullish reversal could occur if BTC reclaims $88,000, potentially triggering a relief bounce toward $94,000 - $96,800. Closing above $96,800 would invalidate the bearish scenario.
THE CRYPTO LADY 📈💰
27 Feb, 08:26
191
Blackrock sells 5,002 Bitcoin, marking its largest ever outflow in a single day