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- Bitcoin is trading below $64,000 after rallying more than 6% last week.
- US spot Bitcoin ETFs recorded $526.64 million in outflows, marking the eighth consecutive week of withdrawals.
- New geopolitical concerns surrounding the Strait of Hormuz are reducing the importance of hazardous materials.
Bitcoin (BTC) is trading slightly lower on Monday after rising more than 6% last week, and buyers are struggling to push the cryptocurrency above the secret $64,000 resistance level.
While last week’s rebounds provide some short-term sentiment, continued institutional selling and global uncertainty continue to fuel growth.
At the moment, Bitcoin is still caught between technological change and conservative sentiments in the economy.
Spot Bitcoin ETFs maximize the yield of the stock
Bitcoin institutional demand remains under pressure. According to CoinGlass dataUS spot Bitcoin exchange-traded funds (ETFs) recorded $526.64 million in inflows during the past week.
The draw marks the eighth consecutive week of redemptions, extending the longest streak since Bitcoin ETFs began trading.
If investors continue to reduce sentiment this week, Bitcoin may face new selling pressure despite last week’s rebound.
Global uncertainty has remained another obstacle for Bitcoin. The cryptocurrency rallied last week after the easing of tensions between the United States and Iran summed up better investor sentiment.
However, optimism has faded as concerns surrounding the Strait of Hormuz resurface.
Reports that Iran may introduce new tariffs on ships passing through the vital shipping route are adding to the uncertainty, with the United States and several Gulf states continuing to oppose the move.
Increasing political risks have made investors cautious, reducing demand for high-risk assets such as cryptocurrencies.
Bitcoin price outlook: Bulls protect long-term support
From a technical perspective, Bitcoin continues to trade at an important long-term level.
Last week’s rally allowed BTC to recapture the 200-week Simple Moving Average (SMA) at $62,867 after breaking from the rising line that has supported prices since early 2023.
Holding above this level will improve recovery. If buyers continue to control the 200-week SMA, Bitcoin could advance to the 78.6% Fibonacci retracement level at $65,520, measured from the August 2024 low to the October 2025 record.
During the daily session, Bitcoin continues to trade below its major moving averages. The cryptocurrency remains below the 50-day EMA at $65,744, the 100-day EMA at $69,455, and the 200-day EMA at $75,471, leaving the broader trend trending downward despite recent gains.
That rejection is about $64,004. A successful breakout above that level would allow Bitcoin to challenge the 50-day EMA, with additional targets at the 100-day EMA, 200-day EMA, and eventually a major resistance area near $84,410.
Although the interest rate has increased, the daily RSI close to 49 and the positive crossover of the MACD show that the buyers are slowly regaining strength, even confirming that there is no steady rise.
The 200-week SMA at $62,867 remains a key area of immediate support.
A sustained move below this area would weaken the current recovery and signal a long-term rally near $58,000. If the sales increase, Bitcoin may return to its annual low of around $57,800.
Bitcoin has recovered significantly from recent declines, but the rally is facing resistance below $64,000.
ETF volatility, global uncertainty, and technical resistance continue to limit potential.
As long as BTC continues above its 200-week SMA, the recovery will remain strong. However, buyers will need to pay $64,004 and then $65,744 to make the maximum incentive.
