Bitcoin ETF Redemptions Hit $243 Million, Price Drops Below $90,700
- Redemption Impact: U.S. spot Bitcoin ETFs faced $243 million in net outflows on Wednesday after a two-day inflow of $1.16 billion, causing Bitcoin's price to slip below $90,700, highlighting the volatility in market sentiment.
- Major Redemption Sources: Fidelity's Bitcoin ETF led the redemptions with $312 million exiting, followed by Grayscale's main and Mini Trusts totaling $116 million, reflecting a reassessment of risk assets by investors.
- Market Dynamics Shift: Despite the outflows from most Bitcoin ETFs, BlackRock's iShares Bitcoin Trust attracted $228 million in inflows, bringing its year-to-date net inflows to $888 million, indicating sustained confidence in certain products amid market turbulence.
- Investor Behavior Change: Experts framed the outflows as portfolio rebalancing rather than a loss of conviction in Bitcoin, suggesting that investors are seeking higher yield opportunities, particularly rotating towards assets like SOL and XRP.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 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 stock.
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 | 36142.556 | 48071.278 | 60412.576 | 72341.298 | 84682.596 | 96611.318 | 108952.616 |
| Fibonacci | 48071.278 | 57342.426 | 63070.15 | 72341.298 | 81612.446 | 87340.17 | 96611.318 |
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