Bitcoin Struggles to Regain $64K Amid ETF Outflows

Bitcoin is currently trading near $62,852, down slightly over the last day. The asset is facing a test of its recent strength as the market weighs positive economic data against a trend of net outflows from US spot Bitcoin ETFs. While recent reports on inflation and jobless claims suggest a more favorable environment for risk assets, Bitcoin has struggled to gain upward momentum.

Institutional flows show a cautious mood, with two consecutive days of net outflows recorded across major funds. Options data indicates that many traders are prioritizing hedges rather than aggressive long positions, with significant interest clustering around the $60,000 level. Technical indicators show Bitcoin currently sitting below key moving averages, signaling a period of consolidation between $62,000 and $66,000.

Looking ahead, $62,250 serves as an immediate support level to monitor. A drop below this point could shift focus toward the $60,000 mark. Conversely, reclaiming the $64,400 zone would be necessary to break the current bearish trend and aim for higher resistance. With the market split between long term holder selling and large wallet accumulation, traders should prepare for continued price volatility through the weekend.