Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- Outflows from U.S. spot Bitcoin ETFs exceeded $706 million this week.
- BlackRock’s IBIT and WisdomTree’s BTCW were the only ETFs to avoid outflows.
- Technical indicators suggest a potential death cross formation.
- Analysts project further downside for Bitcoin.
Outflows from U.S. Spot Bitcoin ETFs
This week, outflows from U.S. spot Bitcoin ETFs surpassed $706 million, with Grayscale and Fidelity leading the pack in net outflows. Data from SoSoValue indicates negative flows for Fidelity’s FBTC and Grayscale’s GBTC, among others, while BlackRock and WisdomTree avoided outflows.
Potential Death Cross Formation
Technical indicators hint at a possible death cross formation as the 50-day and 200-day Moving Averages approach a crossover. This pattern has historically resulted in significant Bitcoin price drops, intensifying the current bearish outlook among analysts.
Analysts’ Bearish Outlook
Social media analysts predict further downside for Bitcoin, with potential support levels at $45,000 and $42,000. Despite brief price rebounds, the overall sentiment remains cautious, with key resistance levels at $58,000 posing a challenge for Bitcoin’s recovery.
