Important requirements
- BTC is down 2%, canceling the recovery earlier this week,
- The US-listed ETF recorded outflows of $173.73 million on Wednesday, breaking its two-day high entering this week.
Bitcoin is experiencing continuous losses within institutional needs
Bitcoin (BTC) prices continued to decline on Thursday, trading below $67,000, almost completely erasing the recovery earlier in the week. Institutional demand appears to be slowing, with Exchange Traded Funds (ETFs) withdrawing more than $173 million on Wednesday, the end of a two-day trading session.
This drop in demand is in line with the growing sentiment in the market, which is further amplified by recent statements by US President Donald Trump indicating an escalation of the ongoing conflict.
On Wednesday, President Trump addressed the country, warning that the conflict will continue until the end of April. He said the US would take action over the next two to three years, including threatening to attack Iran’s electricity grid and return Iran to the “stone age” if there is no deal.
These words have dampened expectations of a recession, which has reduced investors’ interest in riskier assets. The US Dollar (USD) and Oil have risen as a result, while US currencies and other risk assets have suffered, effectively erasing the gains Bitcoin saw earlier this week.
Data from CoinGlass shows that institutional interest in Bitcoin is unknown. Spot Bitcoin ETFs saw a huge outflow of $173.73 million on Wednesday, following two days of positive cash flows earlier this week. This reflects uncertainty among institutional investors, who appear reluctant to increase their exposure to risk assets amid market uncertainty.
According to Glassnode’s weekly report on Wednesday, Bitcoin is still locked within a broad trading range of $60,000 to $70,000. Although the market is showing early signs of stabilization, it has not shown enough strength to break decisively in either direction.
The report shows that Bitcoin’s on-chain assets are showing continued recovery, with significant losses in losses and long-term expropriations not being resolved. However, real estate demand has shown some improvement, indicating that sellers are no longer controlling the market.
Bitcoin Price Prediction: BTC may record further losses
The BTC/USD 4-hour chart is bearish and supportive as Bitcoin traded below $66,400 on Thursday, erasing the recovery earlier this week. The long-term bias is less likely.
Bitcoin remails below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA) between $70,800 and $84,800, which reinforces bearish pressure despite recent efforts.
Currently, technical indicators are bearish. The Relative Strength Index (RSI) on H4 is at 51, above the midline.
Moving Average Convergence Divergence (MACD) remains below the signal line, indicating persistent selling.
If the market continues to decline, sellers may face immediate support at $65,900. A breach of this level would reveal a large area of sentiment at $60,000.
On the flipside, if the bulls regain control of the market, they may face resistance at the level of $69,200, with a major resistance around $72,600.
A daily close above $72,600 would indicate a strong break from the downside and open the door to the 100-day EMA near $76,400.
