Recent weakness in Bitcoin’s price has resurfaced as a key talking point, coinciding with persistent outflows from US-listed spot Bitcoin ETFs and a shift of investor capital to other parts o
Recent weakness in Bitcoin’s price has resurfaced as a key talking point, coinciding with persistent outflows from US-listed spot Bitcoin ETFs and a shift of investor capital to other parts of the market. While some analysts think oversold conditions may prompt a short-term bounce, the broader downtrend is seen as far from over.
Market data point to ongoing withdrawals from US spot Bitcoin ETFs as a major factor contributing to current price pressures. Analyst icooperTrades noted that weekly ETF outflows have surpassed $1 billion, reflecting fading sentiment and a decreasing appetite for risk assets in the same period.
The same commentary highlighted a roughly $2.5 million sale—32 BTC—by Strategy, further intensifying market unease. Although minor relative to the company’s total holdings, this move marked their first Bitcoin sale since 2022 and was closely watched by market participants.
ETF outflows, weakening market sentiment, and the move by investors toward seemingly safer traditional returns all contributed to the pressure on Bitcoin.
Some analysts have suggested that recent large-scale fundraising by tech giants like SpaceX, OpenAI, Anthropic, and Google may have diverted a share of market liquidity from digital assets to equities.
At the time of analysis, Bitcoin traded near $67,000. According to TradingView, the overall technical outlook was neutral, but underlying indicators leaned bearish. Of the 26 tracked indicators, 15 indicated selling, 7 were neutral, and only 4 signaled a buy.
The Relative Strength Index (RSI) hovered around 23, notably below the commonly watched 30 threshold. The Commodity Channel Index (CCI) dropped to about minus 224. Both readings point toward potentially oversold conditions in the short term.
Glossary: RSI measures the speed and magnitude of price changes and acts as a momentum indicator. CCI tracks the deviation of price from its average trend; very low readings can signal excessive selling pressure.
By contrast, the MACD indicator remained in negative territory at around minus 2,252, maintaining its sell signal. The Williams %R fell to minus 87, while Momentum dropped to nearly minus 9,974. While these levels suggest a bounce is possible in the short term, they underscore that the medium-term bearish trend remains in play.
Trend indicators revealed a bleaker picture. Bitcoin remained below its 10-day EMA at $71,817, its 20-day EMA at $74,030, and all its short-term moving averages. Longer-term, the 200-day EMA stood at $80,674, with the 200-day SMA at $79,101.
This setup implies that any potential rallies could encounter significant resistance. Analyst ColinTCrypto observed consecutive breakdowns from descending trend channels on the daily BTC/USD chart, noting that Bitcoin had dropped from a peak near $130,000 to the low $60,000s.
Expectations for a sharp recovery may be premature, with new lows possible as the correction phase continues.
Sharing a similar outlook, Thierry Borgeat likened the current conditions to previous extended downtrends. BlackRock’s spot Bitcoin ETF, IBIT—which Borgeat analyzed—has fallen about 47% from its earlier highs. As one of the world’s largest asset managers, BlackRock’s moves in the spot Bitcoin ETF market are closely monitored.
TradingView data showed persistent sell signals for IBIT across multiple timeframes. Most indicators remained between neutral and negative, with no clear sign of recovery. Since the ETF closely tracks the Bitcoin price, its weak performance could continue to shape both institutional and retail sentiment.
Charts now highlight $65,350 as the most important near-term support for Bitcoin. A move below this level could bring $64,000 and subsequently $61,000 into play. On the upside, resistance is noted at $69,100 and $71,355. Analysts emphasize that a lasting rebound would require breaking above these hurdles and regaining key moving averages.
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