Massive Withdrawals from Bitcoin ETFs

The cryptocurrency Bitcoin continues to experience massive withdrawals

from US ETFs.

ETFs saw withdrawals of over $3.5 billion

during November and over $22 million since the beginning of this week.

All these withdrawals and losses stem from investor concerns

about escalating global economic fears, especially after the US

imposed tariffs on China and other countries, in addition to

declining expectations of a US interest rate cut.

Technical Outlook for Bitcoin

As for the technical outlook for Bitcoin,

the currency continues to move in a strong downtrend.

The currency is currently trading near the 87,361 level.

This follows the current corrective rise, 

which is expected to end soon, with the currency resuming

 its decline towards the demand zone near the 78,761 level. 

This level is considered one of the best support and buying points for Bitcoin.

If the current correction and rise continue,

the currency may target the supply zone near the 91,282 level.

This is a significant selling area that could push the currency down again.