CandleFocus Bitcoin (BTC) ETF Sees Outflow As Coin Plunges To Weekly Low
2024-10-23
Author: Content Editor
Bitcoin exchange-traded funds (ETFs) saw a net negative flow on Tuesday, breaking a streak of seven consecutive days of inflows. The decline in institutional demand is attributed to the recent drop in Bitcoin's value, with the cryptocurrency falling by 2% over the past week. Bearish sentiment is increasing, and there is potential for further losses. Momentum indicators suggest a weakening price trend and a potential downward correction. Bitcoin's price is approaching its 20-day exponential moving average (EMA), and if it fails to hold above this level, a trend reversal is likely. The next major support levels for Bitcoin are at $61,686 and $58,828, while clearing the resistance at $68,612 could lead to a potential rally towards its all-time high of $73,794.
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