Bitcoin Weekly Forecast: Is the month-long rally over?
Bitcoin ($BTC) edges slightly lower so far this week, trading at $80,800 on Friday after being rejected around the key overhead supply zone. Institutional investors also show cautious signs, with $BTC spot Exchange Traded Funds (ETFs) recording an outflow of over $709 million through Thursday. In addition, traders profit-taking fuels the Crypto King price pullback. Institutional demand shows cautious signs Institutional demand shows early signs of caution so far this week. SoSoValue data showed that spot $BTC ETFs recorded an outflow of $709.88 million through Thursday. If Fridays flows are negative, $BTC would mark the first weekly outflow since the end of March, signaling a cautious stance among institutions. Total Bitcoin spot ETF net inflow chart. Source: SoSoValueProfit-taking activity accelerates the selling pressure CryptoQuants weekly report on Wednesday said traders may have started taking profits in a significant way. The chart below shows that Bitcoin holders realized 14,600 $BTC in daily profits on May 4, the highest level since December 10, as the 37% rally from the April lows pushed holders back into profitable territory. Moreover, a similar spike was seen this week, indicating the profit-taking activity continued. Historically, this anticipates lower prices as traders start to sell. Bitcoin net realized profit and loss chart. Source: