Bitcoin (BTCUSD) is stuck within a well-worn range stretching from $60,000 to $71,000, caught between two opposing forces: relatively promising macroeconomic data on the one side and relentless exchange-traded fund (ETF) outflows on the other.
The fundamental backdrop remains cautious, with risk-off sentiment gaining traction and capital rotating toward safer havens. In fact, market players have been voting with their feet for a month now, creating a persistent crypto supply overhang. Last week's net outflows from spot BTC ETFs clocked in at over $350 million, pushing the four-week total past $3 billion—a telling sign that institutional enthusiasm is cooling.
Friday's softer-than-expected CPI print offered a glimmer of hope for the token, fueling speculation that the Federal Reserve (Fed) might cut rates sooner rather than later. Bitcoin perked up in response, yet it didn't have enough strength to break through the firm $71,000 resistance. Here, the crypto was swiftly rejected, and its subsequent retreat has opened a path back toward the lower limit of the range, i.e., $60,200.
From a technical perspective, the tide seems to be turning negative.
First, a clear reversal took shape at the $71,000 resistance. The price tested this barrier three times, and each attempt was quickly rebuffed.
Second, the short-term uptrend that started in early February has finally fizzled out. Technicals also tell a clear bearish story: the RSI has dropped to 35, flirting with oversold levels, while the MACD has slipped into the red. Taken together, they confirm that sellers have taken the wheel in the market.
The ultimate recommendation is simple:
— Sell Bitcoin at the current price, eyeing $60,200 next;
— Set Stop Loss above the upper boundary of the range, namely $71,100.
This content is for informational purposes only and is not intended to be investing advice.
