Bitcoin news: BTC faces strong resistance at $84,400 amid institutional outflows
Bitcoin price has attempted multiple rallies above the March opening price of $84,400 over the past five days but has failed to hold above this level.
Each rejection has led to sharp declines, with the latest drop pushing the price to $82,000 before a brief 2% recovery during the Asian session. However, Bitcoin has since softened below $83,000 in European trading, reflecting ongoing uncertainty. The underlying factor behind this price pressure is a wave of institutional outflows from Bitcoin Spot ETFs, with over $900 million withdrawn in the past week alone.
For the fifth straight week, Bitcoin Spot ETFs have seen net redemptions, with a total of $5.4 billion pulled from the market. Last week alone, BlackRock’s IBIT fund saw $338.1 million in outflows, reflecting weakening confidence among institutional investors. These withdrawals have coincided with Bitcoin’s struggle to stay above its March opening price, reinforcing the link between institutional positioning and price action.
Bitcoin technical indicators reinforces 84,400 as strong resistance
Bitcoin price dynamics (March 2025). Source: TradingView.
On the 4-hour chart, Bitcoin’s Relative Strength Index (RSI) remains near neutral, signaling indecision in the market. However, the 50 and 100 Exponential Moving Averages (EMAs) have formed a strong resistance zone around $84,400. Every attempt to break above this level has failed, reinforcing its significance as a critical barrier. Until this resistance is cleared, Bitcoin faces increased risk of downside pressure.
As long as Bitcoin remains capped below $84,400 and ETF outflows persist, further downside remains a strong possibility. However, a breakout above this resistance could shift the outlook, signaling renewed strength. For now, the market remains at a pivotal level, with institutional positioning playing a crucial role in the next major move.
The expiry of 35,000 Bitcoin options added uncertainty to the market, keeping sentiment in check. Bitcoin failed to hold momentum, staying near $82,000.
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