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">
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   <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>
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<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>
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   <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>
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<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>
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<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?

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