After teasing a possible shift to bullish sentiment in the past three days, Bitcoin (BTC) price has dropped around 3 percent in the last 24 hours to trade at about $83,875 on Friday, March 21 during the mid-London session. The flagship coin was rejected at a falling logarithmic trend in the daily time frame signaling further bearish sentiment in the near term.
Since March 10, Bitcoin price has been forming a bearish continuation pattern. Moreover, BTC price has already confirmed a macro reversal pattern after rebounding from a neckline of a double-top, which was coupled with a bearish divergence of the Relative Strength Index (RSI).
In the near term, Bitcoin price will likely drop another 10 percent to retest the support level around $78k. If the Bitcoin buyers fail to defend the $78k support level, further selloff towards $74k will be imminent.
The short-term bearish sentiment will be invalidated if Bitcoin price consistently closes above the daily logarithmic falling trend line.
Bitcoin Whales Focused on Long-Term Growth
According to on-chain data analysis, whale investors have been accumulating more Bitcoins in the past few days regardless of the short-term bearish outlook. As Coinpedia reported, BlackRock’s IBIT has led other spot BTC ETF issuers in renewed cash inflows during the past few days.
On Thursday, the U.S. spot BTC ETF issuers recorded a net cash inflow of about $165 million, whereby the majority came from IBIT of about $172 million. Bitwise BITB recorded a net cash outflow of about $17 million.
Nonetheless, the U.S. spot Bitcoin ETFs are about to end the largest losing streak of five weeks if today’s flow ends positively. Worth noting that the U.S. spot Bitcoin ETFs have recorded a cumulative total net inflow of about $35.9 billion, thus currently holding total net assets worth around $94.4 billion.
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