Bitcoin Faces Critical Support Test at $70K Amid Weakening ETF Demand

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

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Support Level Breakdown: Bitcoin has officially broken below the critical $75K-$76K support zone, confirming a bearish trend, and if it fails to hold the $70K-$72K range, it may accelerate downward towards the $65K-$66K liquidity zone.
Deteriorating Technical Structure: On the daily chart, Bitcoin's inability to reclaim the 200-day MA near $80K-$81K indicates persistent selling pressure, leading to cautious market sentiment and an overall bearish structure.
Weakening ETF Inflows: Despite Bitcoin's recent attempts to recover, cumulative ETF inflows have flattened, indicating a significant reduction in institutional demand, which exacerbates the lack of fresh capital entering the market and increases downside risks.
Potential Short-Term Bounce: If buyers can defend the $70K-$72K support area, a short-term rebound may occur, allowing prices to revisit the $74K-$76K region; however, failure to hold this support could lead to deeper corrections.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 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	66965.557	69739.023	72653.067	75426.533	78340.577	81114.043	84028.087
Fibonacci	69739.023	71911.652	73253.905	75426.533	77599.162	78941.415	81114.043

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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