Testing Macro Support Amid $174M ETF Outflow Pressure

• • Technically, BTC is on the edge of a macro support zone cliff on the daily (1D) and 1-hour (1H) charts following a series of sell-offs.
• • Fundamentally, sentiment is worsened by US spot Bitcoin ETFs recording a massive $174 million in net outflows in a single day.

Institutional selling pressure has hit the market hard again. Recent reports noted a massive $174 million outflow from US spot Bitcoin ETFs on April 1, signaling a withdrawal of liquidity from Wall Street. Technically, this deteriorating fundamental narrative is clearly recorded on the 1-hour (1H) chart where BTC continues to print an aggressive downtrend structure. Currently, the price is crucially held at the macro support zone floor on the daily (1D) chart in the $66,000 - $66,500 range. The high ETF selling pressure is projected to force the price to break this last line of defense, causing BTC to slide and seek new liquidity areas in the lower demand zone ($63,000 to $64,000 range) over the next 5 days.

Since the price is currently right at a crucial macro support zone, there is always the possibility of a temporary technical bounce (dead cat bounce) to trap retail short positions. If ETF sentiment suddenly reverses to positive inflows the following day, BTC could quickly bounce to retest the nearest resistance zone at $68,000.