Bitcoin News Today: Bitcoin Faces Bearish Turning Point: SuperTrend Issues Sell Alert as $3B ETF Outflow Challenges $74K Support
- Bitcoin faces bearish pressure as SuperTrend indicator signals weekly sell-off, with price near $93,400 and key $74,000 support under scrutiny. - $3B in November Bitcoin ETF outflows, led by BlackRock's IBIT, reflect institutional caution amid tightening liquidity and macroeconomic uncertainty. - Historical parallels to 2018/2022 bear markets suggest potential 77% drop to $32,000 if $74,000 support fails, exacerbated by extreme fear index readings. - Institutional buyers like Harvard and Mubadala maintai
Bitcoin is once again under downward pressure as a major technical signal and worsening sentiment in the market stoke concerns of a potential 77% plunge. The SuperTrend indicator, a popular tool for identifying market direction, has switched to a "sell" signal on Bitcoin’s weekly chart,
Adding to the unease,
Past market cycles provide further evidence for the bearish outlook.
Traders are now focused on two key price points: resistance at $110,000 and support at $74,000. A strong rejection from the higher level could trigger more selling, while a break below the lower support may confirm a continued downtrend. Broader economic factors, including
Bitcoin is now at a critical juncture. The combination of technical signals, sentiment data, and institutional moves suggests a strong likelihood of further losses. Market watchers are waiting to see if the $74,000 support will hold or if prices will challenge the $32,000 level—a move that could reshape Bitcoin’s short-term outlook.
Despite these headwinds, some major institutions remain optimistic.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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