Monero

Resistance

Spot

<p><a href="https://captainaltcoin.com/bitcoin-holds-steady-amid-market-downturn-key-btc-price-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price movement</a> has taken a downward turn amid mounting selling pressure.&nbsp;</p>
<p>Analyst Crypto Patel, via a tweet, emphasizes Bitcoin’s current battle to maintain its position above $97,000, a crucial support level. Alongside this, Spot On Chain highlights a record-breaking net outflow in Bitcoin ETFs, adding another layer to the discussion.</p>
<h3 class="wp-block-heading" id="strong-bitcoin-s-current-price-action-and-support-levels-strong"><strong>Bitcoin’s Current Price Action and Support Levels</strong></h3>
<p>As per an analysis of Crypto Patel’s chart, Bitcoin is grappling with downward pressure and is now testing the $97,000 support. Holding this level could set the stage for a rebound, but a breakdown might lead to further losses.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin EW Update: Key Support Levels in Focus<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> continues to face downward pressure, now testing a strong support level at $97,000.<br><br>Support Levels<br>$97,000: A critical support level. Holding above this could trigger an upward move.<br>Breakdown Scenarios:<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;"> $91,000… <a href="https://t.co/iOIDZStD4i" target="_blank" rel="noopener noreferrer nofollow">https://t.co/iOIDZStD4i</a> <a href="https://t.co/1Bpb1ty3xO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1Bpb1ty3xO</a></p>— Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1869940300749385730?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The chart identifies key retracement levels at $91,000 and $86,000, corresponding to 0.382 and 0.5 Fibonacci levels, respectively.&nbsp;</p>
<p>Moreover, the Elliott Wave analysis shared in the tweet positions BTC in a corrective Wave IV.&nbsp; This suggests the potential for a <a href="https://cryptotimes.io/2024/12/20/crypto-market-see-800m-in-liquidation-as-btc-drops-to-96k/" target="_blank" rel="noopener noreferrer nofollow">further pullback</a> before a final upward move in Wave V.&nbsp;</p>
<p>Patel also highlights a rising channel pattern, with the lower boundary acting as a dynamic support. Resistance levels at $103,000 and $108,000, aligned with recent swing highs and wave extension targets, pose challenges for upward momentum.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/monero-xmr-price-approaching-resistance-is-a-major-move-coming/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Monero (XMR) Price Approaching Resistance: Is a Major Move Coming?</em></strong></a></p>
<h3 class="wp-block-heading" id="strong-etf-outflows-break-multi-week-streak-strong"><strong>ETF Outflows Break Multi-Week Streak</strong></h3>
<p>Adding to Bitcoin’s challenges, Spot On Chain reported the largest net outflow from U.S. Bitcoin ETFs since their launch.&nbsp;</p>
<p>A total of $671.9 million exited these funds, with Fidelity’s FBTC ETF seeing a $208.5 million outflow. Meanwhile, BlackRock’s IBIT ETF maintained steady flows, marking a contrast within the ETF landscape.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">[BREAKING] The U.S. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> BTC ETFs just experienced their LARGEST net outflow since launch: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;">$671.9M!<a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Fidelity</a>'s FBTC led the outflows with a record $208.5M, while <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BlackRock</a>'s IBIT stayed steady with a $0 net flow.<br><br>This also marked the end of a 15-day inflow streak for BTC ETFs… <a href="https://t.co/vZruAoUCF0" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/vZruAoUCF0</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1869982373993165263?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>This activity also ended a 15-day inflow streak for Bitcoin ETFs and an 18-day streak for Ethereum ETFs, indicating a broader cooling in investor sentiment.</p>
<h3 class="wp-block-heading" id="strong-market-indicators-and-projections-strong"><strong>Market Indicators and Projections</strong></h3>
<p>Crypto Patel notes that a decline toward $86,000-$91,000 aligns with Fibonacci retracement levels, signaling the potential for consolidation or a further dip.</p>
<p>According to CoinGecko, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin trades at $97,957.26</a>, down 3.27% in the last 24 hours and 1.85% over the past week. These movements align with the technical analysis suggesting a potential continuation of the corrective phase before any upward momentum resumes.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. <a href="https://www.etoro.com/customer-service/terms-conditions/trading-restriction/" target="_blank" rel="noopener noreferrer nofollow">Take 2 mins to learn more</a></strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/record-btc-etf-outflows-pressure-bitcoin-will-97k-support-hold/" rel="noopener noreferrer nofollow">Record BTC ETF Outflows Pressure Bitcoin: Will $97K Support Hold?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Record BTC ETF Outflows Pressure Bitcoin: Will $97K Support Hold?

Table of Contents

CaptainAltcoin

Other articles published on Dec 20, 2024

Doodles NFT Price Explodes 62.5% on Token Launch Rumor: What’s the Truth?

Investors Withdraw Millions from Bitcoin and Ethereum ETFs

Avalanche's Major Upgrade, Avalanche9000, Goes Live on Mainnet

Hedera Soars While Stacks Gains Traction and Qubetics Surges with 363M TICS Sold – Explore the Be...

XRP Lawsuit To End Soon? SEC Prepares For ‘Potential’ Shutdown

Austin Dad Chooses BlockDAG for Next Financial Move After Earning $1.5M from ETH & SOL through St...

Join our free newsletter for daily crypto updates!