Bitcoin Price Under Pressure as Spot ETF Outflows Weigh on Sentiment
The price of Bitcoin (BTC) has been under pressure, trading at $62,832, down 1.25% on the day and below its key moving averages. This bearish technical momentum suggests that the asset may continue to decline in the short term.
One factor contributing to this weakness is the outflow of $61.1 million from spot Bitcoin ETFs on August 12. This reversal in trend has reduced short-term liquidity and diminished demand from large investors, coinciding with ongoing weakness in the broader market.
The US Consumer Price Index for July came in at 3.4%, meeting expectations and setting a stable macro backdrop. However, this was insufficient to sustain earlier gains, as reported by Fxstreet.
Bitcoin's price dynamics indicate that seller dominance holds, with the asset trading below its hourly MA-20 at $63,323 and MA-50 at $63,539. The Ichimoku Kijun at $63,349 is now acting as immediate resistance, while short-term support is established near $62,235.