Bitcoin ETFs See $143M Outflow – Bitcoin Price Prediction: Can BTC Hit $89K?
Bitcoin exchange-traded funds (ETFs) resumed their outflow streak on March 13, with $143.30 million in net exits, signaling renewed investor caution.
Simultaneously, Ether ETFs recorded $73.63 million in outflows, marking seven straight days of withdrawals.
Key Outflow Figures:
Fidelity’s FBTC led the decline with $75.48 million in outflows.
Ark 21Shares’ ARKB followed closely, shedding $60.23 million.
WisdomTree’s BTCW, Grayscale’s GBTC, and Bitwise’s BITB saw exits of $14.51M, $12.68M, and $10.95M, respectively.
Valkyrie’s BRRR lost $8.20 million, while Franklin’s EZBC recorded $6.99 million in withdrawals.
BlackRock’s IBIT bucked the trend, securing an inflow of $45.75 million.
These movements reduced Bitcoin ETF total net assets to $89.60 billion, down from $92.45 billion the previous day.
Ethereum ETFs weren’t spared either:
Grayscale’s ETHE saw the largest outflow of $41.70 million.
BlackRock’s ETHA and Fidelity’s FETH lost $15.11M and $12.48M, respectively.
Grayscale’s ETH recorded $5.23 million in exits.
As a result, Ethereum ETF net assets dropped to $6.49 billion, a $170 million decline from $6.66 billion.
Bitcoin Price Analysis: Will BTC Break $84K?
Bitcoin’s price action is currently testing a key resistance zone at $84,268 following a breakout from a symmetrical triangle pattern. This structure often signals high volatility, making this a crucial moment for BTC traders.
Bullish Scenario:
If BTC breaks above $84,268, the next target is $86,479, with further upside potential toward $89,182.
50-period SMA (at $81,765) is acting as dynamic support, reinforcing the bullish trend.
Bearish Scenario:
A rejection at $84,268 could lead to a pullback toward $81,718 or even $79,961.
A breakdown below $79,961 may accelerate losses toward $76,663.
Market Outlook:
Bitcoin’s price remains in a critical range, needing strong volume confirmation for a breakout.
ETF outflows suggest short-term bearish sentiment, but BlackRock’s IBIT inflow signals institutional demand.
Investor Sentiment: Extreme Fear Dominates
The Fear and Greed Index currently stands at 18, indicating extreme fear in the market. This suggests:
Retail investors remain cautious, potentially fearing a deeper correction.
Institutional players like BlackRock continue accumulating BTC, seeing long-term value.
Meanwhile, the Altcoin Season Index is at 15/100, confirming a Bitcoin-dominated market, with altcoins struggling to gain traction.
Conclusion: BTC at a Make-or-Break Moment
Bitcoin is at a crucial technical level, with ETF outflows reinforcing bearish sentiment. However, a breakout above $84,268 could spark a rally toward $86K-$89K. Traders should watch volume closely, as the market’s next move will likely define short-term momentum.
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