Spot Bitcoin ETFs Post Outflows: Do BTC Bull Have What It Takes To Break $70,000?
Bitcoin dropped yesterday and remains under pressure at spot rates. Even though there are pockets of weakness, traders are looking for opportunities to double down on their longs, targeting all-time highs. The short-term favors bulls, but only if prices are maintained above the support at $66,000. If prices trend above this reaction level, there is a high possibility that BTC is changing hands at a discount when writing and could, in the coming sessions, bounce strongly above last week’s highs. As some executives believe, a decent close above $70,000, sparked by supportive fundamentals, could be the basis of a strong leg up to $100,000.
The drop on October 21 and the inability of bulls to wipe out losses yesterday means the coin is flat at press time. At the same time, engagement is below average, signaling possible caution among traders. If the average trading volume is to rise, then prices must rip higher (or drop lower) below key resistance (support) levels.
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As traders wait for directions, the following Bitcoin trending news developments are worth tracking:
- Despite falling prices, Bitcoin traders are overly bullish. Over 70% of holders believe the coin will print higher highs in the coming sessions.
- After days of consecutive inflows, all spot Bitcoin ETFs in the United States posted a net outflow of around $79 million on October 22.
Bitcoin Price Analysis
BTC/USD is firm at press time.
There is a chance that bulls will flow back if prices steady above $66,000
Since Bitcoin edged higher last week, every low may offer entries for traders targeting $70,000 and $72,000.
However, if there is a follow-through of October 21 losses, prices will drop below $66,000, and the coin could retest for $60,000 in a retest.
Accordingly, risk-off traders can wait for clear trend definition above $70,000 or below $66,000 before committing.
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