Bitcoin Struggles Below $85,000 Amid Weakening Institutional Demand
Bitcoin's institutional demand is showing early signs of weakness, according to recent data. Spot Exchange Traded Funds (ETFs) recorded an outflow of $148.69 million on Wednesday, snapping a nine-day inflow streak since September 21.
The outflows are a concern for Bitcoin bulls as they suggest that institutional buying momentum may be losing strength. If these outflows continue and intensify through the week, BTC could face a deeper correction.
Additionally, rising US Treasury yields and a stronger US Dollar are weighing on Bitcoin's price. The 5-year US Treasury yield has risen above 5%, while the 10-year yield is above 5.2%. These higher yields make traditional fixed-income assets more attractive than risky assets such as BTC.
Bitcoin bulls are struggling to recover above the $85,000 resistance level, which they have failed to breach twice this week. The Crypto King's upside momentum remains capped amid these headwinds, keeping risk sentiment cautious.