Bitcoin Price Slumps Amid Institutional Selling and Exchange Reserve Shifts

Bitcoin's price action has been shaped by institutional selling pressure and changes in exchange reserves. U.S.-listed spot Bitcoin ETFs saw net outflows of $462.7 million during September 8-11, indicating that institutions are taking profits and reducing their market exposure.

This trend is further supported by Binance's rising Bitcoin reserves, which have reached a two-year high above 693,000 BTC. This increase in supply on the exchange may lead to greater short-term selling pressure.

The technical analysis suggests that there is a high likelihood of a downward move for Bitcoin over the next 2-3 trading days, with an expected price range of $76,341 to $78,302.