Bitcoin Slips Below $67K As ETF Reduces Risk Appetite
Key receivers
BTC fell 2%, erasing the recovery earlier this week, while the US-listed spot ETF recorded a withdrawal of $173.73 million on Wednesday, breaking a two-day streak this week.
Bitcoin faces continued losses amid weak institutional demand
Bitcoin (BTC) prices continued to decline on Thursday, trading below $67,000, almost fully recovering from earlier in the week. Institutional demand also appears to be waning as a two-day streak of outflows came to an end as exchange-traded funds (ETFs) poured more than $173 million on Wednesday.
This decline in demand coincides with a growing bearishness in the market, and recent comments by US President Donald Trump signaled an escalation of the ongoing conflict.
Speaking to the nation on Wednesday, President Trump warned that the ongoing conflict could last until the end of April. In the next two to three weeks, the United States will take extreme measures, including attacking Iran's energy facilities and threatening to send Iran into the “stone age” if no deal is reached, he said.
These statements dampened expectations of a slowdown, which in turn reduced investors' appetite for riskier assets. As a result, the US dollar (USD) and oil prices rose, US stocks and other risk assets suffered, effectively erasing the gains seen by Bitcoin earlier this week.
Data from CoinGlass Institutional interest in Bitcoin reflects uncertainty. Spot Bitcoin ETFs saw strong inflows of $173.73 million on Wednesday, following two days of positive inflows earlier this week. This reflects indecision among institutional investors, who seem reluctant to increase exposure to risk assets amid ongoing market volatility.
According to Glassnode's weekly report on Wednesday, Bitcoin remains locked in a range of $60,000 to $70,000. While the market is showing early signs of stabilization, it has yet to show enough momentum to break decisively in either direction.
The report suggests that Bitcoin's on-chain situation reflects an ongoing maintenance period, with high supply at a loss and long-term holdings still not fully resolved. However, demand for space has improved, indicating that sellers are no longer in complete control of the market.
Bitcoin price prediction: BTC may record further losses
The BTC/USD 4-hour chart is weak and bearish as Bitcoin traded below $66,400 on Thursday, canceling the recovery earlier this week. The recent bias is somewhat bearish.
Bitcoin remains is well covered from the accumulated 50-day, 100-day and 200-day exponential moving averages (EMAs) between $70,800 and $84,800, reinforcing bearish bias despite recent breakout attempts.
Currently, technical indicators are carriers. The Relative Strength Index (RSI) on H4 sits at 51, above the midline.
The Moving Average Convergence Divergence (MACD) remains below the signal line, indicating persistent selling pressure.
If the market continues to decline, sellers will find immediate support at $65,900. A break of this level exposes a key psychological level at $60,000.
On the upside, if the bulls regain control of the market, they will face resistance at the $69,200 level, the main resistance at $72,600.
A daily close above $72,600 would signal a major breakout of the sideways structure and open the door to the 100-day EMA near $76,400.
