Bitcoin Price News: Investors Take $600M Out of ETFs – Is BTC Going to $60K?

Data from Farside Investors shows that April 7 and April 8 were the worst days for BTC ETFs as net outflows surged to $104 million and $326.3 million respectively.

The week before, exchange-traded products (ETPs) linked to BTC also saw net outflows of $240 million according to a report from CoinShares as market conditions deteriorated.

During a speech, the Chairman of the Federal Reserve, Jerome Powell, emphasized that the U.S. central bank could pause its planned interest rate cuts for the year as they analyze the impact that these trade policies will have on the country’s economy.

Bitcoin (BTC) has been resilient to the latest downtrend and has only shed 16.6% of its value since the year started, which is not so distant from the 14.2% that the S&P 500 has lost during the same period.

However, other crypto assets like Ethereum (ETH) and Solana (SOL) have performed poorly, booking year-to-date losses of 55.4% and 43.8% respectively as market participants have pulled the crypto version of a flight to quality.

ETF outflows are consistent with sentiment readings as the Fear and Greed Index has dropped to 15 – the lowest level on record since CoinMarketCap started to share this metric. This indicates that market participants are in “Extreme Fear” as Trump’s policies could have a huge impact on the economy and the performance of financial assets.

Bitcoin Recovers Above Key Support

Moving to the charts, Bitcoin (BTC) has found strong support for now at the $76,250 area as it has bounced multiple times off this level.

During the Asian session, the price briefly broke below this area but recaptured it ahead of the American session’s opening.

Trading volumes today are once again exceeding the 14-day moving average as market volatility has surged.

Around $460 million worth of crypto trading positions have been liquidated thus far, with nearly 66% of those being long positions. Roughly a quarter of that total were BTC long positions that were flushed out of the system during yesterday’s market drop.

BTC risks losing another 12% if this key support fails to hold. Selling pressure could mount at any point as Trump responds to criticism and retaliation from affected countries – especially China.

This would result in Bitcoin dropping near the $66,000 level – back to where it was before the President won the November election.

Momentum indicators favor a bearish outlook as the MACD’s histogram has posted four consecutive dark red bars, meaning that negative momentum is accelerating. Meanwhile, the Relative Strength Index (RSI) is still at a 13% distance from the signal line. Hence, bears are still in control of the price action.

Hourly Charts Shows Signs of a Weak Recovery

Looking at a lower time frame, today’s bounce does not seem to have the necessary strength to push BTC much higher for now unless the price action breaks above the $80,400 level.

The price has already made a lower low and the American session has failed to push above the most recent lower high. The next few hours would be critical to determine how the rest of the session may look as a rejection of a move above the $78,000 will seal the deal for bears.

BTC at this point seems poised to retest its session lows of $74,400 but momentum indicators are not yet favoring a bearish outlook. A break below this marker, accompanied by a bearish crossover in the RSI would offer short-sellers confirmation that the price is heading to a lower low and would offer the highest risk-reward ratio.