Bitcoin, Money Drained from ETFs, Yet Optimistic for a $95,000 Breakthrough?

▲ Bitcoin (BTC)

A clear divergence is emerging in the Bitcoin (BTC) market between fund sentiment and technical structure. Bitcoin's price chart has entered a consolidation phase ahead of a potential trend change.

According to U.Today, a cryptocurrency specialized media outlet, on April 30 (local time), SoSoValue data shows that interest in spot investment products is cooling down. A net outflow of $137.77 million occurred in Bitcoin spot ETFs during the last trading day. Ethereum (ETH) spot ETFs also saw an outflow of $87.73 million. Federal Reserve Chairman Jerome Powell's hawkish remarks and the maintenance of interest rates at 3.50% to 3.75% dampened investor sentiment.

Short-term holders are tending to realize profits or secure cash. The reduction in positions by major large asset managers like BlackRock and Fidelity is interpreted as a structural adjustment rather than a panic sell-off. This movement is exerting localized pressure on prices. International oil prices exceeding $100 and Powell's inflation warning are factors accelerating the outflows.

Despite negative external conditions, the Bollinger Bands on TradingView's weekly chart send a positive signal. Bitcoin is currently testing support at the 20-week moving average, which is the middle band of the weekly chart. If this week's closing price forms above $76,500, the technical scenario weighs in favor of an upward trend towards the upper band of $95,500.

It is still too early to conclude that Bitcoin has secured strong stability at the $76,500 level. However, the fact that the price is being maintained within a strong weekly support level is a positive sign. Whether Bitcoin can close its weekly trading above $76,500 will be the decisive variable in determining the path towards the $95,000 mark.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*