Key takeaways
- Bitcoin fell 2%, erasing the rebound earlier this week.
- US-listed ETFs recorded outflows of $173.73 million on Wednesday, breaking two days of inflows this week.
Bitcoin faces continued losses amid weak institutional demand
Bitcoin (BTC) prices continued to fall on Thursday, trading below $67,000, almost completely erasing the rebound seen earlier in the week. Institutional demand also appears to be faltering, as exchange-traded funds (ETFs) saw a massive outflow of more than $173 million on Wednesday, ending a two-day streak of inflows.
This decline in demand coincides with a growing sense of bearish tendencies in the market, which has been exacerbated by recent statements by US President Donald Trump indicating an escalation of the ongoing conflict.
On Wednesday, President Trump addressed the nation, warning that the ongoing conflict could continue into late April. He stated that the United States will take strict measures in the next two or three weeks, including threats to attack Iranian power plants and return Iran to the “stone age” if an agreement is not reached.
These statements weakened hopes for stopping the escalation, which in turn led to a decrease in investors’ appetite for high-risk assets. As a result, US Dollar (USD) and oil prices rose, while US stocks and other risk assets suffered, effectively erasing the gains seen in Bitcoin earlier this week.
Data from Queen Glass It indicates that institutional interest in Bitcoin remains uncertain. Spot Bitcoin ETFs saw a significant outflow of $173.73 million on Wednesday, following two days of positive inflows earlier this week. This indicates hesitation among institutional investors, who appear reluctant to increase exposure to risky assets amid ongoing market uncertainty.
According to Glassnode’s weekly report on Wednesday, Bitcoin remains trapped within a broad trading range between $60,000 and $70,000. While the market is showing early signs of stabilization, it has not yet shown enough momentum to break out decisively in either direction.
The report notes that Bitcoin’s on-chain conditions reflect an ongoing period of reform, with rising supply at a loss and long-term holder capitulation still not fully resolved. However, spot demand showed some improvement, indicating that sellers no longer fully control the market.
Bitcoin Price Forecast: BTC may record further losses
The BTC/USD 4-hour chart is bearish and active, with Bitcoin trading below $66,400 on Thursday, erasing the rebound that occurred earlier this week. The near-term bias is slightly bearish.
Bitcoin pThe upper limit reached below the 50-day, 100-day and 200-day EMAs between approximately $70,800 and $84,800, reinforcing downward pressure despite recent rebound attempts.
At the moment, technical indicators are bearish. The Relative Strength Index (RSI) on the H4 time frame is at 51, just above the center line.
The Moving Average Convergence Divergence (MACD) indicator remains below its signal line, indicating continued selling pressure.
If the market continues lower, sellers will find immediate support at $65,900. A break of this level would expose the key psychological level at $60,000.
On the other hand, if the bulls regain control of the market, they will face resistance at the $69,200 level, with major resistance around $72,600.
A daily close above $72,600 indicates a bullish breakout of the sideways structure and opens the door towards the 100-day EMA near $76,400.
