Bitcoin Price Watch: Key Levels & ETF Outflows

Bitcoin's price has recently traded within a tight range, fluctuating between $83,000 and $86,000. Crypto analyst Burak Kesmeci highlights key price levels that could significantly impact short-term price movements.

Key Bitcoin Price Levels

Kesmeci's analysis, shared on X, identifies two crucial levels based on short-term investor cost basis:

• Support at $82,800: This represents the average cost for investors who bought Bitcoin in the past 1-4 weeks. This level acts as a psychological floor, as many recent buyers are still in profit.
• Resistance at $92,000: This is the average cost basis for Bitcoin holders over 1-3 months. This level likely represents a point where many investors would take profits, leading to resistance.

A chart illustrating these levels and their confluence with other technical indicators is available on Kesmeci's X post. Historically, bullish trends emerge when the 1-4 week average cost surpasses the 1-3 month average. Currently, Bitcoin is trading above the $82,800 support but below the $92,000 resistance, indicating uncertainty.

Key Takeaway: Bitcoin needs to break above $92,000 to confirm a strong bullish reversal, according to Kesmeci's analysis.

Institutional Outflows Add to Uncertainty

Adding to the market's uncertainty, Ali Martinez reports that Bitcoin ETFs experienced withdrawals of 1,725 Bitcoin (approximately $146.92 million) last week. This signifies negative sentiment amongst institutional investors.

At the time of writing, Bitcoin is trading at $85,249, showing a 0.89% increase in the past day. The weekly chart shows a 0.58% decrease, while the monthly chart shows a 1.06% gain.

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