Bitcoin Price Declines Below $80K Amid Strong ETF Inflows
- Bitcoin (BTC) price fell to $79,800 after being rejected at a key resistance level.
- Weekly spot Bitcoin ETF inflows surpassed $1 billion for the first time since January.
- Technical analysis indicates support between $76,000 and $78,000, aligned with Bitcoin’s 200-day exponential moving average (EMA).
- The Bitcoin Risk Index has reset to near zero, indicating reduced market risk.
- Net inflows into Bitcoin ETFs reached $1.05 billion this week, marking the largest weekly intake in nearly four months.
The recent dip below $80,000 comes amid bearish divergences in the relative strength index (RSI), suggesting weakening buying momentum. Despite this pullback, strong ETF demand may help absorb selling pressure and stabilize prices around key support levels.
With weekly ETF inflows hitting $1 billion and a reset in the Risk Index, Bitcoin’s market dynamics remain complex as it navigates current price corrections. (Source)
