Bitcoin price has been struggling this week due to the continued decline in price and negative market sentiment, which has brought the value of Bitcoin down to a major support area near $75,000.
Currently, the largest cryptocurrency in terms of market capitalization, Bitcoin, continues to be seen as one of the major indicators in the overall digital assets space. Historically, Bitcoin has received a lot of institutional interest as a result of spot ETFs, derivatives, and an increasing number of users both globally and domestically.
At press time, Bitcoin price was trading at around $76,796, recording a decrease of nearly 6% over the past 24 hours following recent market volatility.
ETF Outflow Pressure on Bitcoin Price
According to SoSoValue, the U.S. Bitcoin spot ETFs recorded a net outflow of $648.64M on May 18; this was one of the largest days for Bitcoin ETF withdrawals in recent weeks. The consecutive outflows on May 13 and May 15 also show that there is a decrease in institutional demand for the ETF.
Additionally, large funds from BlackRock, Fidelity, and ARK have drastically withdrawn funds from their respective ETFs after the recent large drop in the BITCOIN price from above $80,000 earlier this month.
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Bitcoin Keeps Trading Strong Amid Major Market Correction
The TradingView chart shows that BTC has continued to consolidate near the 50-day moving average and 200 DMA after recovery from the earlier correction phase. The key resistance level is found near $81,000, while BTC has immediate support from $75,800–$76,000.
Recent candlestick formations show sideways movement while BTC traders are still waiting to see if the Bitcoin can hold and maintain support levels near the current price. If there is a continued move lower from this area, then there could be further downside potential for BTC toward the mid-$74K region.
The recent increase in institutional selling pressure has caused some uncertainty around whether the Bitcoin price can continue holding above the major technical support level.
Market participants are now closely monitoring ETF flows and whether BTC will be able to recapture momentum to break above the $81,000 resistance area again in the coming days.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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