BTC struggles near $80,000 after $277.5 million in ETF outflows, signaling caution among investors at key resistance levels.
Bitcoin hovered near $80,000 on Friday after a pullback to $79,000, with traders assessing whether the cryptocurrency can break through the $84,000-$92,000 resistance zone. Analysts warn that failure to hold above $78,000 could trigger a trend reversal, turning $80,000 into a new resistance level.
The $277.5 million outflow from Bitcoin ETFs on Thursday marked the first net withdrawal in May, according to data. This suggests some investors are locking in profits near resistance levels. CryptoQuant’s IT Tech noted BTC must sustain above $88,880 to confirm a bottom, while Bollinger Bands creator John Bollinger indicated a positive trend shift earlier this week.
Altcoins mirrored Bitcoin’s slight correction, with buyers largely absent. The $85,000-$88,000 range remains a critical battleground, as traders weigh whether the uptrend will resume or face renewed selling pressure.