While some analysts see conditions as oversold enough for a relief rally, others warn that the broader downtrend remains intact and could drag the leading cryptocurrency to lower support levels.
The latest weakness in the The price of BTC comes as investors pull funds from spot Bitcoin ETFs and rotate capital to other sectors of the market, raising questions about whether the current correction needs to run any further.
ETF outflows and sentiment weigh on Bitcoin
Recent market data suggests that continued outflows from US spot Bitcoin ETF products have become one of the primary headwinds for the market. According to trader and market analyst @icooperTradesmore than $1 billion in weekly ETF outflows coincided with weakening sentiment and reduced appetite for risk assets.
Bitcoin’s two-day decline was fueled by ETF outflows and weak sentiment, although a near-term bounce to $65.6K remains possible. Source: @icooperTrades by X
The analyst also pointed to a relatively small sale of 32 BTC by Strategy, worth about $2.5 million, as another factor contributing to market nervousness. Although the transaction represented a small fraction of the company’s holdings, it was the firm’s first Bitcoin sale since 2022 and attracted significant attention among traders.
“ETF outflows, weaker sentiment and capital seeking safer traditional financial returns have combined to pressure Bitcoin,” the trader noted.
At the same time, broader market conditions appear to be encouraging investors to allocate funds elsewhere. Some analysts argue that large-scale fundraising activity by major tech companies, including SpaceX, OpenAI, Anthropic and Google, has diverted liquidity away from digital assets and into stock markets.
Bitcoin Technical Analysis Today Shows Mixed Signals
Despite continued selling pressure, several momentum indicators suggest that Bitcoin may be approaching oversold territory.
At the time of analysis, Bitcoin price today trading near $67,000, according to TradingView data. The overall technical summary of the platform remains neutral, although underlying indicators reveal a bearish bias. Out of 26 tracked indicators, 15 generated sell signals, seven remained neutral and only four flashed buy signals.
Bitcoin (BTC) was trading at around $67,119, down 4.11% in the last 24 hours at press time. Source: Bitcoin price via Brave new coin
The Relative Strength Index (RSI) stood near 23, well below the traditional oversold threshold of 30. Meanwhile, the Commodity Channel Index (CCI) registered around -224, another reading often associated with exhausted selling activity.
Williams %R reached -87, while Momentum (10) remained deeply negative around -9,974. These numbers suggest that bearish momentum may be stretched in the short term.
However, the moving average convergence divergence (MACD) indicator continued to issue a sell signal with a reading near -2.252, indicating that medium-term downward momentum remains intact despite oversold conditions.
Moving averages continue to favor bears
Although oscillators indicate the possibility of a short-term bounce, trend-following indicators paint a very different picture.
Almost every major moving average tracked by TradingView is currently indicating a sell. Bitcoin is trading below its 10-day EMA near $71,817, 20-day EMA around $74,030, and 50-day moving averages clustered in the mid-$70,000 range.
Bitcoin remains in a strong short-term downtrend, trading below key moving averages and SuperTrend levels, with rallies likely to face selling pressure unless major resistance is regained. Source: bbqgio on TradingView
Long-term indicators also remain bearish. The 200-day EMA is near $80,674, while the 200-day SMA is positioned around $79,101, both significantly above the current market price.
This configuration suggests that any recovery attempts may face heavy resistance before a larger trend reversal can be confirmed.
Analysts warn of further downside
Several market observers believe the current correction resembles previous bear market cycles.
Crypto analyst ColinTCrypto highlighted a series of downtrend channel breakdowns on the daily BTC/USD chart, noting that Bitcoin has fallen from highs near $130,000 to the upper $60,000 range. According to the analyst, historical market cycles often produce deeper and longer-lasting corrections than investors initially expect.
Bitcoin continues to follow a typical bear market pattern, with repeated crashes suggesting that the correction may last longer and run deeper than many investors expect. Source: @ColinTCrypto by X
He argued that expectations for a quick recovery may be premature, adding that lower lows remain possible as the market continues to work through its correction phase.
A similar view was shared by analyst Thierry Borgeat, who described the current market conditions as similar to previous “crypto-winter” periods. Historically, such phases involved withdrawals ranging from 70% to 80% and lasted between 12 and 18 months.
Analyst ThierryBorgeat warns Bitcoin could be entering a long crypto winter, with historical bear market patterns suggesting a potential drop to $37,000. Source: @ThierryBorgeat by X
Borgeat’s analysis of the iShares Bitcoin Trust (IBIT) revealed a roughly 47% drop from its peak, along with several broken support levels and a relative strength rating of just 19, indicating significant underperformance compared to broader equity benchmarks.
IBIT flashes strong sell signal
The technical outlook for IBIT, the spot Bitcoin ETF managed by BlackRock, remains particularly weak.
According to TradingView’s latest assessmentthe ETF carries a “Strong Sell” rating over multiple time frames. Both short-term and long-term moving averages continue to show lower, reflecting the broader weakness seen across the BTC ETF market.
IBIT price chart. Source: TradingView
Oscillator readings offer little encouragement, with most indicators leaning neutral to bearish rather than indicating a meaningful reversal. The absence of bullish divergences suggests that sellers remain in control for now.
Because IBIT is now following the tracks price of Bitcoincontinued weakness in the ETF could reinforce negative sentiment among institutional and retail investors.
Bitcoin Price Prediction: Can BTC Hold Above Key Support?
From a chart perspective, Bitcoin’s key short-term support zone is around $65,350.
A break below that level could expose the market to additional selling pressure, possibly opening the through to deviations towards $64,000 and finally the widely watched $61,000 region.
On the upside, traders are closely monitoring resistance levels near $69,100 and $71,355. A decisive move above those barriers will be needed to weaken the current bearish structure and the prospects for a sustained recovery.
For now, the broader bitcoin price prediction remains heavily dependent on whether ETF flows stabilize and buyers step in to defend key support zones. Until Bitcoin regains major moving averages and asserts stronger momentum, technical indicators continue to favor caution despite signs of oversold conditions.
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