Bitcoin Faces Potential Resistance Near $117,000 Amid Mixed Market Signals and ETF Outflows

Key Points

1. Bitcoin's price is trying to recover from $112,000 but faces strong resistance at $117,000 and $120,000, where selling pressure intensifies.

2. Altcoins like Ethereum, XRP, and BNB are experiencing pullbacks, reflecting market caution and delayed upward momentum.

3. Bitcoin ETFs recorded net outflows of $812.25 million, and Ethereum ETFs saw $152.26 million in outflows, ending a 20-day inflow streak.

4. Institutional investors like Metaplanet and SharpLink are accumulating Bitcoin and Ethereum, signaling long-term confidence.

5. Key technical levels for Bitcoin include support at $112,000 (50-day SMA) and resistance at $117,000–$120,000 (20-day SMA).

6. The S&P 500 Index's recent all-time high and subsequent pullback may influence crypto market sentiment.

7. The US Dollar Index (DXY) breaking above 100.54 could signal short-term dollar strength, potentially pressuring cryptocurrencies.

8. Bitcoin's price action is characterized by attempts to hold above $112,000 while facing resistance at the 20-day SMA near $117,000.