Bitcoin Sheds $491M in ETF Outflows and Retreats Below $64K; Sellers Reload for $50K - EconoTimes
BTCUSD showed asmall retreat beforeUS PCE data. Itreachedan intraday high of $61866 and isnowtrading around $61770. U. S. spot Bitcoin ETFs experienced a abrupt change of fortune, losing a total of $490. 8 million in net. . .
BTCUSD showed asmall retreat beforeUS PCE data. Itreachedan intraday high of $61866 and isnowtrading around $61770. U. S. spot Bitcoin ETFs experienced a abrupt change of fortune, losing a total of $490. 8 million in net outflows over the last week—or roughly $49. 1 million daily—with BlackRock's IBIT alone accounting for the majority of the departure at about $448. 8 million and Fidelity's FBTC somewhat cushioning the impact with $101. 7 million in inflows. The high concentration of selling in a small number of funds points to investors actively cutting Bitcoin exposure instead of making broad changes across the ETF market. Since ETFs have become a major indicator of marginal demand, the weekly print is somewhat negative for short-term mood. However, traders will be keeping an eye on whether the next few reporting periods indicate ongoing outflows or a rapid return to accumulation; they are unlikely to consider one week of redemptions as a conclusive trend reversal. TechnicalsCMP -$61829Trend1- Hour chartValue55 EMA$61939CMP<55 EMABearish200- EMA$63202CMP <200- EMABearish365- EMA$64005CMP<365 EMABearishMajor support- $59000/$52796. Minor bullishness only above $63500. Any break above targets $67000/$70000/$72200/$74950/$78000/$80000. Momentum indicator (4-hour chart)InferenceValueCCI(50)Bearish-20. 20ADXNeutralIt is good to sell on rallies around $63000 with an SL around $67000, for a TP of $50000.