Bitcoin ETFs Experience Unprecedented Outflow Trend
- Outflow Trend: Bitcoin ETFs have experienced continuous outflows over a 13-day period, totaling $4.4 billion, marking the longest streak of withdrawals since their inception, indicating a significant decline in institutional interest in Bitcoin exposure.
- BlackRock's Massive Withdrawals: On June 3, a single-day outflow peaked at $396.6 million, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for 75% of total withdrawals at $3.3 billion, reflecting its dominant market position and impact on overall market sentiment.
- Impact of Price Declines: Bitcoin's price plummeted nearly 20%, from $81,634 to $65,315, prompting institutions to reassess their positions and potentially secure earlier profits, leading to a sharp decline in demand by approximately 501,000 BTC.
- Market Outlook: Despite the significant outflow trend, industry experts like Bloomberg's Eric Balchunas suggest that net buying interest from institutions and major players remains, prompting market watchers to closely monitor ETF activity stabilization and its potential effects on the broader crypto landscape.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 52296.295 | 55048.242 | 57958.095 | 60710.042 | 63619.895 | 66371.842 | 69281.695 |
| Fibonacci | 55048.242 | 57211.05 | 58547.235 | 60710.042 | 62872.85 | 64209.035 | 66371.842 |
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