Bitcoin Under Pressure: Analyst Sounds Alarm on ETF Outflows and Resistance Levels

A prominent crypto analyst is sounding the alarm about potential troubles for Bitcoin (BTC), based on recent trends in ETF activity.

Nicholas Merten has noted a troubling pattern: Bitcoin spot ETFs have been experiencing consistent outflows daily since late August.

This development hints at a possible downturn in the cryptocurrency market.

Merten highlights that there’s been a lack of significant buying to offset the outflows. He mentions that not only has GBTC been seeing exits, but newer ETFs, including those with lower fees, are also experiencing similar outflows.

This trend suggests a broader issue beyond just temporary shifts in GBTC.

The data from Coinglass indicates that Bitcoin has faced net outflows from ETFs since August 27. Furthermore, Merten points out that Bitcoin’s moving averages are now acting as resistance rather than support.

The 21-day moving average, along with the 100-day and 200-day averages, which once provided support, are now hindering Bitcoin’s price, signaling a bearish outlook.