Bitcoin (BTC) is attempting to bounce from a key support zone on the daily chart after showing oversold conditions in the short term. The price reacted from the $92,500 to $94,000 Fibonacci golden pocket, giving buyers a temporary setup to defend this area. However, the broader market remains under pressure, mainly due to large ETF outflows led by BlackRock.
ETF Outflows Increase Market Sell Pressure
Fresh ETF data shows heavy weakness through the end of the week. Thursday recorded approximately $866M exiting Bitcoin ETFs and Friday added another $492M. BlackRock alone saw $463M leave its ETF on Friday.
When large withdrawals occur, the issuer may need to sell a similar value of Bitcoin to meet redemptions, which adds direct selling pressure into the market. This activity has aligned perfectly with Bitcoin’s recent drop and has become a dominant narrative in short-term price action.
Weekly Chart Sends a Warning Signal
The weekly SuperTrend indicator has flashed its first reversal warning since early 2023. It is not confirmed yet, but a weekly close below $96,000 may finalise the signal. Bitcoin also continues to show a bearish divergence, where price forms higher highs but RSI forms lower highs. This structure usually signals fading strength and limited upside velocity, which matches the current market behaviour and sentiment.
Daily Structure Turns Lower
Bitcoin has now closed below the important $99,000 to $100,000 zone, turning it into fresh resistance. Any recovery attempt may struggle once price approaches that region. The current holding zone remains between $92,500 and $94,000, which has already produced a reaction. If this level fails, the next visible support sits near $85,000 to $86,000. Liquidity data for the past month also shows a heavy cluster around the $89,000 region, which could attract price if weakness continues.
The analyst expects several weeks of slower performance unless Bitcoin reclaims $100,000 with strength. If price stays below that level, the market may continue grinding lower or consolidating in wide ranges.
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