Bitcoin Faces Potential Short-Term Correction Amid ETF Outflows and Declining Institutional Demand
Main Idea
Bitcoin faces potential short-term correction due to ETF outflows and profit-taking after reaching a new all-time high, with weakening demand increasing downside risks.
Key Points
1. Bitcoin ETFs recorded $199 million in outflows this week, reversing a six-week inflow trend.
2. Bitcoin's price surged to a new all-time high of $122,054 on July 14, prompting profit-taking by investors.
3. The number of active Bitcoin addresses has declined, indicating weakening demand and potential downside risks.
4. BTC/USD faces resistance at $120,811, with support at $116,952; failure to hold could lead to a drop to $114,354.
5. Short-term corrections appear increasingly probable amid weakening demand and profit realization, though the long-term outlook remains positive.
Description
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