Bearish Bitcoin Breaks $80k

Bitcoin's 4th straight bearish candle this week is affluent and bearish. This downward trend may collapse beneath $6,000 support. Find out.
After reversing from $99,000 barrier, the daily chart continues to decline. MACD and signal lines crossed bearishly due to the decline.
Bearish histograms are returning, indicating trend momentum. Additionally, the daily RSI line is oversold.
The 24-hour low is $78,197, with lower rejection. A little lateral move may occur before $76,722 support.
Institutional Outflows Reach $3.27B in 8 Days
Bitcoin prices are falling, lowering institutional confidence. There were $275.83 million in withdrawals of U.S.-registered spot Bitcoin ETFs on February 27.
U.S. Ethereum spot market outflow continued for the ninth day. Bitcoin outflows total $3.27 billion in eight days.
Bitwise was the sole ETF to get $17.65 million on February 27. WisdomTree outflow of $53.78 million followed BlackRock's $189.02 million.
Bearish Bitcoin Futures?
Over the previous 24 hours, Bitcoin liquidations reached $474.46 million as the gloomy trend continues. Long liquidations total $415.71 million. The futures market financing rate is now 0.0113%, meaning bulls must pay more to keep long positions.
As the long-to-short ratio stands at 0.9562, bearish holdings are somewhat higher. Overall, open liquidation fell 7.64% to $49.57 billion.
According to price analysis, the decline may test $76,722. However, ETF outflows and fundamental bearishness suggest a collapse.
Next important Bitcoin support level under $76,000 is at $67,000. The lower price rejection suggests a recovery to challenge $86,707, the overhead ceiling.
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