Outflows of cash are strongly impacting Bitcoin's movement

The cryptocurrency market witnessed a sharp decline in Bitcoin over the past few days, with the currency reaching levels as low as $69,011, in a significant downturn that impacted the cryptocurrency and the crypto market in general.

This decline comes amidst a strong sell-off, with ETFs recording outflows of over $540 million and net weekly outflows exceeding $250 million, reflecting current investor anxiety.

It's worth noting that the cryptocurrency market has experienced a sharp decline of over 20% since the beginning of the year, further highlighting investor apprehension and concerns about the crypto market.

Technical Outlook

Bitcoin is currently trading near the $69,011 level, and forecasts still indicate a continued decline in the near term, potentially reaching levels of $66,734 and even $64,276. These levels are considered important support zones for the cryptocurrency and could trigger a correction and rebound.

If the price does rise, we may see a test of the $73,000 level. However, if the specified support zones are broken and the price closes below them with a daily candle that has clear momentum, we may see a continuation of the decline to $58,700.