Bitcoin’s market continues to face a rigorous test as it maintains a consistent downtrend, currently priced at $63,663.47. Despite the potential for a reversal, Bitcoin struggles under the weight of selling pressure across various time frames, reflecting a market fraught with caution and bearish momentum. Today’s session saw Bitcoin attempt a rally, only to retreat from the near 50-day EMA, plummeting further to a low of $63,501.
The technical landscape for Bitcoin remains challenging as the 1-hour and 4-hour charts display a clear pattern of lower highs and lows, signaling sustained selling pressure. The daily chart echoes this sentiment, with Bitcoin having fallen from a monthly high of $71,958 to today’s low. This pattern of sharp declines underscores the intensity of the selling, pushing Bitcoin’s price towards critical support levels around $63,000.
BTC Exhibits mixed market sentiment as bears assemble
Momentum oscillators present a mixed yet leaning bearish scenario. The Relative Strength Index (RSI) at 36 suggests oversold conditions which could tempt some traders looking for entry points around the $63,000 to $63,500 range, hoping for a bullish reversal. However, the presence of strong bearish signals from other indicators like the MACD, which shows a bearish divergence, and the Commodity Channel Index (CCI) at -134, reinforce the cautious stance among investors.
Moving averages further indicate a bearish outlook, with most short to mid-term EMAs and SMAs trending downwards. Notably, the 200-period EMA and SMA offer a glimmer of hope, presenting potential long-term support that could be the foundation for any future bullish reversal.
U.S. Spot Bitcoin ETFs Record $900 Million in Weekly Outflow
Spot bitcoin ETFs in the U.S. experienced their fifth consecutive day of outflows on Thursday, resulting in total losses of $900 million for the week, the highest since late April. According to data from SoSoValue, the 11 listed ETFs lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has predominantly seen outflows since its conversion to an ETF in January, led with $53 million in outflows, followed by Fidelity’s FBTC with $51 million. BlackRock’s IBIT, the largest ETF by assets, was the only one to record net inflows, adding $1 million. The other ETFs reported no net change.
