Bitcoin Slips Below $80K As Spot ETF Inflows Top $1B

Bitcoin's price dropped to $79,800 on Thursday, failing to hold above a key resistance level. This pullback occurred even as weekly spot Bitcoin ETF inflows surpassed $1 billion for the first time since January, indicating strong demand. Technical analysis, however, revealed bearish divergences on shorter timeframes, suggesting waning buying momentum. Key support levels are identified between $76,000 and $78,000, where a daily fair value gap aligns with the 200-day exponential moving average. A hold above the weekly open at $78,500 could stabilize prices, while a deeper correction might see Bitcoin retest the $76,000-$78,000 zone. The strong ETF inflows are seen as a significant factor absorbing selling pressure, with historical data suggesting that a reset in the Bitcoin Risk Index to near zero, coupled with positive ETF flows, often precedes renewed accumulation.

(Source：Cointelegraph)