Bitcoin Breaks $70K Support as ETFs See $3.1B Exit

Bitcoin has dropped below the 70,000 support zone, with spot ETFs recording 3.1B in net outflow. Bitcoin is close to the important mark of $68,000, where sellers are selling it, and the market is uncertain.

Bitcoin shattered a significant psychological barrier this week. The champion cryptocurrency fell below the level of 70,000, which raised concerns in markets. 

The price of bitcoin is $68,785.34, down 2.88% in a day. The picture for the week is grim. The price of bitcoin has dropped 11.60 percent over the past seven days. According to CoinMarketCap, the market value is $1.38 trillion.

Critical Support Level Now in Play

Ted Pillows stated on X that the next major level of Bitcoin is the 200-week exponential moving average, which is at $68,000. When this support fails, more drastic corrections may occur as the 200W EMA has been a good stronghold historically.

Source: TedPillows 

The traders are following 68,000. It’s a make‑or‑break moment. Bulls are required to protect this zone by all means.

Massive ETF Exodus Weighs on Price

Institutional sales increased the depreciation. Coin Bureau reported staggering outflow figures on X. According to Coin Bureau on X, spot Bitcoin ETFs dumped another $318M last week.

Source: Coinbureau 

ETFs lost $2.82B in the two weeks, and Total outflows for the year now exceed $3.1B.

The pushing to sell is unending. ETF flows and Bitcoin have become a vital indicator of the market as institutional investors keep decreasing their exposure to Bitcoin.

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What Happens Next for Bitcoin?

To restore the bullish momentum, Bitcoin has to dig itself out by climbing back to $70,000. Failure would increase a sell-off to lower supports. This has a defense point of 68,000; the point below could be the 65,000 zone. Volume and movement indicators demonstrate a decrease in the buying pressure.

Mounting losses are accrued by short-term holders. The long-term investors are seeking accumulation opportunities. Questions about the future of Bitcoin will be answered over the next few days.

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