- Bitcoin led the crypto markets outflows, per Coinshares’ latest weekly report.
- BTC price has been crabbing as investors play it safe.
NEW DELHI (CoinChapter.com) — Cryptocurrency investment products continued to bleed, with Bitcoin (BTC) leading the outflows in the week ending May 19, per Coinshares’ latest digital asset fund flows Weekly report.
Overall, digital asset investment products saw outflows totaling $32.1 million, mostly due to the poor sentiment against BTC. Coinshares crypto analyst James Butterfill noted that outflows in the week ending May 19 represented the fifth consecutive week of outflows.
Over the past five weeks, digital asset investment products have seen outflows totaling $232 million. Furthermore, Butterfill noted that volumes on trusted exchanges dropped to $20 billion, their lowest level since late 2020.
Bitcoin outflows totaled $32.7 million in the week, with short Bitcoin funds coming in a distant second with $1.3 million in outflows. The second largest cryptocurrency by market cap, Ethereum, also saw outflows totaling $1 million.
However, other altcoins witnessed minor inflows, led by Avalanche ($0.7 million), followed by Litecoin with $0.3 million inflows. Litecoin’s LTC-20 launch likely helped in securing inflows for the altcoin.
Bitcoin investors seem to be waiting for a potential trigger that would cause the BTC price to rally upward or downward. As a result, the token price has been crabbing of late. For example, the upcoming Federal Reserve’s upcoming interest rates decision in June might be a catalyst for BTC prices.
Additionally, the dwindling hype of the memecoin frenzy might have sucked the volatility out of the Bitcoin prices.
BTC Struggling To Flip Immediate Resistance
Meanwhile, bulls arrested the BTC prices downtrend in May 2023 above the 100-day EMA (blue wave) dynamic support level near $26,230. However, BTC price rallied 3.5% since May 22’s low of $26,547 to reach May 23’s daily high near $27,478 before bears pared gains.
Bears are aggressively defending the 50-day EMA (purple wave) resistance near $27,500. Breaking above the EMA resistance level could result in the BTC price rising to the resistance near $28,760. Moreover, a sustained rally might help Bitcoin price target resistance near $30,640 before retreating.
However, a bearish break from the ongoing consolidation could result in the BTC price dropping to the 100-day EMA support near $26,230. Breaching the immediate support level might force Bitcoin price to test the 200-day EMA (green wave) support near $25,000 before recovering.
The relative strength index for BTC remained neutral, clocking at 47.18 on the daily chart.
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