Bitcoin (BTC) price hits its lowest level in 100 days and warns of a potential drop to $75k as institutional support declines with rising ETF outflows. With a 4.42% drop in the total crypto market cap last night, Bitcoin tested a new low of $82,133. This marks the lowest price of Bitcoin since November 11, 2024. After three consecutive days of selling, Bitcoin trades at a market price of $85,961, with an intraday recovery of 2.25%. As Bitcoin struggles at the 200-day EMA line, is a potential crash to $75,000 imminent? Bitcoin Hits The Floor In the daily price chart, the BTC price trend reveals a consolidation breakdown as it breaches the 78.6% Fibonacci level at $91,783. Over the past few days, the increased supply pressure has created three consecutive bearish candles. Bitcoin price chart The downfall marks the consolidation range breakdown and crashes under the 200-day EMA line. With the recent low at $82,133, Bitcoin nearly touched the 61.8% Fibonacci level at $81,857. Breaching under the 200-day EMA line momentarily, Bitcoin takes a short breath of recovery with an intraday recovery of 2.60%. With the consolidation range breakdown, the short-term recovery hints at a potential retest toward the broken 78.6% Fibonacci level. Furthermore, the daily RSI line entered the oversold region during the downfall. With the intraday recovery, the RSI line resurfaces above the oversold boundary line, supporting the chances of a potential retest. However, the downfall has influenced the downtick in the 50-day EMA line. This warns of a potential negative crossover with the 100-day EMA line. A bearish crossover in the average line could signal another selling spree, as it triggers a sell signal for traders. Bitcoin ETFs Bleed, Outflow Hits $754M With the declining trend, institutional support continues to weaken for Bitcoin. On February 26, the daily total net outflow in the US Bitcoin spot ETFs rose to $754.53 million. Bitcoin Spot ETFs This marks the second-biggest outflow in the history of US spot Bitcoin ETFs, following the $1.14 billion outflow on Tuesday. So far in February, the U.S. Bitcoin spot ETFs have recorded only four days of minor inflows, while the outflows have now marked seven consecutive days. Is Bitcoin Headed For $75k? With the declining trend gaining momentum, the broader market anticipates a steeper correction in Bitcoin. Furthermore, the declining institutional support adds fuel to the bearish trend. Therefore, a breakdown below the 61.8% Fibonacci level would likely push Bitcoin toward the 50% Fibonacci level at $75,535. However, with the recent intraday recovery above the 200-day EMA line, if Bitcoin manages to close above this line, a potential retest of the 78.6% Fibonacci level at $91,783 seems likely.