Bitcoin Price Drops to $73,000 Amid ETF Outflows
- ETF Outflows: U.S. spot Bitcoin ETFs experienced nearly $733 million in net outflows on Wednesday, marking the largest single-day withdrawal since February, which contributed to Bitcoin's price dropping over 4% within 24 hours and briefly touching $72,800, indicating a significant loss of confidence among institutional investors.
- Derivatives Market Pressure: With one of the largest Bitcoin options expiries approaching, over $6.25 billion worth of options contracts are set to expire, primarily concentrated around the $80,000 call and $75,000 put strikes, increasing pressure on bulls and potentially leading to further liquidations.
- Deteriorating Market Sentiment: Amid rising tensions in the Middle East and surging oil prices, traders have reduced exposure to risk assets, resulting in weakened buying activity for Bitcoin, as evidenced by a negative Coinbase Premium, reflecting a cautious sentiment among market participants.
- Technical Weakness: Following rejection from the $82,000 level, Bitcoin's technical structure has weakened considerably, with MACD indicators showing a bearish crossover and RSI nearing oversold territory; if the $73,700 support level fails to hold, it could accelerate declines toward the $71,000 area.
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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 9 technical signals, shows that 4 indicators are flashing buy, while 5 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 | 67785.787 | 70257.319 | 73256.937 | 75728.469 | 78728.087 | 81199.619 | 84199.237 |
| Fibonacci | 70257.319 | 72347.298 | 73638.489 | 75728.469 | 77818.448 | 79109.639 | 81199.619 |
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