Bitcoin Faces Resistance Below $91,000 Amid ETF Outflows
- Bitcoin (BTC) has remained below $91,000 since Tuesday, struggling to gain bullish momentum.
- The annualized funding rate for Bitcoin perpetual futures is at 7%, indicating a lack of demand for leveraged long positions.
- Spot Bitcoin ETFs experienced $1.58 billion in outflows, coinciding with gold reaching record highs.
- Top traders on Binance increased their long-to-short ratio to 2.18, reflecting a neutral-to-bullish sentiment despite BTC’s price stagnation.
- The US GDP grew by an impressive 4.4% in Q3, contributing to cautious market sentiment among Bitcoin traders.
Despite the recent $88,000 retest and significant ETF outflows, Bitcoin derivatives show resilience with few signs of bearish sentiment. The current market dynamics suggest that professional traders are preparing for potential accumulation rather than a deeper correction.
With Bitcoin facing resistance below $91,000 and experiencing notable ETF outflows of $1.58 billion, the market remains cautious as it awaits further institutional inflows.(Source)
