Bitcoin Struggles Below Key Moving Averages Amid ETF Outflows and Bearish Momentum

Bitcoin's price has been struggling to hold support as it trades below its key moving averages. The current price of $62,832 is down 1.25% on the day and near today's low under moderate volatility. This indicates ongoing short-term downside momentum.

The recent outflows from spot Bitcoin ETFs have contributed to reduced short-term liquidity and diminished demand from large investors. On August 12, these funds posted $61.1 million in net outflows, reversing a prior streak of strong institutional inflows. The US Consumer Price Index for July came in at 3.4%, exactly matching expectations and setting a stable macro environment.

Technical indicators are bearish, with both the MACD and Awesome Oscillator indicating selling pressure. The long-term MA-200 is still overhead at $69,669, while immediate resistance is near $63,349 according to the Ichimoku Kijun. Short-term support has been established at $62,235.

Over the next two to three sessions, Bitcoin is expected to trade within a $62,235 to $63,430 band, reflecting typical volatility for the current setup. A breakdown below the $62,235 support could prompt a deeper pullback.