BTCUSD – Weekly Chart
The price of BTCUSD is mixed on the week and a failure to advance could lead to selling through the $73,745 level.
The weekly chart provides a clearer picture of the trend with BTC still trading below the key resistance around $95,000. The last few weeks have seen some consolidation but a failure to get above $80-90k leaves the world’s largest cryptocurrency in a vulnerable setting.
The uncertainty over tariffs has seen a record outflow from Bitcoin ETFs with $326 million leaving the exchange-traded crypto vehicles. That marked the largest one day outflow since March 11 and signalled a sharp shift in market sentiment.
BlackRock’s IBIT fund, one of the leading Bitcoin ETFs, was one of the hardest hit, suffering $253 million in outflows. That ranks at number three in the worst days since the product’s launch. The large outflows also added to a losing streak that reached four days.
Donald Trump’s tariffs across the world were quickly reversed after bond market panic and the uncertainty has traders taking some money out of riskier investment opportunities.
Bitcoin ETFs were not isolated with the crypto selling pain as Ethereum spot ETFs also experienced outflows on Tuesday, with $3.3 million pulled from the funds, suggesting a broader pullback from the crypto market.
Bitcoin’s current consolidation highlights the potential for further downside if buyers do not emerge. The market mood has changed about Trump’s crypto plans and tech stocks have also suffered from the recent turmoil, hurting the appetite for BTC and the potential for moving profits from stocks into crypto.
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