Bitcoin Tumbles Below $60,000 Amidst Persistent ETF Outflows

BTCUSD trades below $60000 on weak institutional demand. It hit a low of $57713 and is currently trading around $58662.

Based on SoSoValue statistics, U.S. spot Bitcoin ETFs saw net outflows of about $226.8 million last week, therefore extending their six-week streak of outflows. Although this reflects a continuous trend of redemptions, the rate has slowed dramatically from that of earlier weeks in January, when there were outflows of $1.72 billion and $1.22 billion, respectively. Though things have lately improved, the total outflow over the last six weeks has topped $5.94 billion, with BlackRock's IBIT apparently contributing a lot to this. Though the lower weekly amount may signal that capitulation is starting to slow rather than speed up, this ongoing outflow points to ongoing weaker demand from conventional investors, hence impacting Bitcoin's price momentum.

 Major support- $57700/$52796. Minor bullishness only above $63500. Any break above targets $67000/$70000/$72200/$74950/$78000/$80000.

It is good to sell on rallies around $63000 with an SL around $67000, for a TP of $50000.