Kommer Bitcoin att testa nivån 74 000 dollar igen, nu när svag efterfrågan håller pressen på de som tror på en uppgång för BTC

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The cryptocurrency market has eased from the selloff that gripped it over the past few days, with Bitcoin holding above the $75,377 support level.

However, the leading cryptocurrency by market cap continues to underperform, with the declining retail and institutional demand capping its recovery attempt.

The momentum indicators suggest that the sellers are still in control, and this could push BTC’s price lower in the near to medium term.

Retail and institutional demand for Bitcoin remains poor

Bitcoin is down by less than 1% in the last 24 hours and is now trading at $76,786.

The leading cryptocurrency has been consolidating below $77,000 over the past few hours, indicating low conviction from traders.

Institutional demand remains poor, capping any recovery effort for Bitcoin.

Data obtained from CoinGlass’s ETF page reveals that US spot Bitcoin Exchange-traded Funds (ETFs) recorded an outflow of $648 million on Monday.

Yesterday’s outflow comes after the ETFs recorded $1 billion in outflows last week, the highest weekly withdrawals since the end of January.

If this trend continues this week, BTC could see further correction ahead.

Despite institutional investors reducing their exposure to Bitcoin ETFs, Michael Saylor’s Strategy continues to purchase more Bitcoins.

Strategy disclosed on Monday that it acquired an additional 24,869 Bitcoin for approximately $2 billion between May 11 and May 17.

According to the recent SEC filings, the company purchased the Bitcoin at an average price of roughly $80,985 per coin.

The latest acquisition brings Strategy’s total holdings to approximately 843,738 BTC, worth about $65.3 billion based on current prices.

Meanwhile, retail demand remains muted thanks to the current bearish price action.

Data obtained from CoinGlass shows that Bitcoin’s futures Open Interest (OI) now reads $56.9 billion, down from the $59 billion recorded the previous day.

The decline in OI suggests that retail traders are reducing their exposure to the market amid the bearish price action.

Bitcoin technical outlook: Will Bitcoin retest $74,864 support?

The
BTCUSD
4-hour chart is bearish and efficient as Bitcoin lost over 5% of its value last week.

The leading cryptocurrency is holding above the $75,377 support level but could record further losses in the near term.

The momentum indicators suggest that buyers are limiting their exposure to the market.

The RSI of 37 means that Bitcoin is still within the oversold region but could bounce back in the near term.

The MACD lines also remain within the negative territory, adding further confluence to the current bearish outlook.

If the selloff continues, Bitcoin could drop to the $75,377 support level in the near term.

A break below this level could see Bitcoin sweep the 4-hour swing low of $74,864, where buyers would likely step in.

BITSTAMP:BTCUSD 4H Chart" class="wp-image-746144"/>

However, if the bulls regain control, initial resistance would be met at the Inducement Liquidity at $77,874, before the next hurdle at $78,560.

A daily candle close above these levels could pave the way for Bitcoin to extend its rally towards the recent swing high of $82,111.
BITSTAMP:BTCUSD 4H Chart" class="wp-image-746144"/>

However, if the bulls regain control, initial resistance would be met at the Inducement Liquidity at $77,874, before the next hurdle at $78,560.

A daily candle close above these levels could pave the way for Bitcoin to extend its rally towards the recent swing high of $82,111.
source: https://www.tradingview.com/news/invezz:78de65e8a094b:0-will-bitcoin-retest-74k-as-weak-demand-keeps-btc-bulls-under-pressure/