Key Insights:
Bitcoin Struggles Amid Institutional Demand Decline
Bitcoin (BTC) faced continued losses, trading below $67,000 and undoing earlier gains. Institutional demand waned as spot Exchange Traded Funds (ETFs) saw a significant outflow of over $173 million on Wednesday, halting a two-day inflow streak.
The market sentiment turned bearish, exacerbated by US President Donald Trump’s remarks hinting at escalating conflicts. Trump’s warnings of prolonged conflict until late April and extreme measures against Iran have dampened hopes for de-escalation, leading to decreased investor appetite for risk assets.
Institutional interest in Bitcoin remains uncertain, with indecisiveness among investors evident through ETF outflows. Despite early signs of market stabilization, Bitcoin remains within a $60,000 to $70,000 trading range.
Bitcoin Price Forecast: Further Declines Expected
The BTC/USD 4-hour chart indicates a bearish trend as Bitcoin trades below $66,400, with technical indicators supporting a mildly bearish bias. Resistance levels at clustered EMAs between $70,800 and $84,800 reinforce downside pressure.
The RSI sits at 51, the MACD remains below the signal line, and immediate support lies at $65,900. Breaking this level could lead to a test of the $60,000 psychological mark.
Bulls could face resistance at $69,200 and major resistance at $72,600. A daily close above $72,600 would signal a bullish breakout towards the 100-day EMA near $76,400.
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