Bitcoin Loses Daily Trendline, Puts Price at Risk of 20% Decline

Bitcoin's price has dropped below $63K on August 14 after losing its daily trendline, which had supported every bounce since May. Analyst Ash Crypto notes that a similar break in the past led to a 20% decline, which could bring the price towards $50,000 to $51,000.

Spot Bitcoin ETFs have posted $332M in net outflows for the week through August 13, reversing an $853M inflow week just seven days earlier. This has removed a source of buying pressure that had been supporting the price.

The 228K BTC moved into Binance deposit addresses is a level not seen since the last cycle bottom, but analyst Anup Dhungana believes it could be bullish if Bitcoin holds its ground at $60K-$64K. However, the netflow data shows a contradiction with the Binance inflow data, creating uncertainty in the market.