Bitcoin Battles for $60,000 Amid Massive ETF Outflows

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Bitcoin (BTC) is currently at the center of attention as its price struggles around the psychologically important $60,000 mark. Bitcoin is trading at $60,135, reflecting a 0.32% decrease in the last 24 hours and a more significant 6.57% drop over the past week. Strategists are identifying this level as a 'critical technical battleground,' with some warning of a potential 30% further drop if this support fails to hold. Relative Strength Index (RSI) signals are being closely monitored for clues on short-term direction. In parallel, massive outflows from Bitcoin spot ETFs are significantly weighing on sentiment. Last week, these ETFs recorded $1.79 billion in net outflows, marking the third-highest weekly outflows since their inception. Today alone saw net outflows of $445 million. This data confirms the strong selling pressure and waning institutional demand that are pulling Bitcoin's price lower. The Fear & Greed Index, currently at 12, indicating 'Extreme Fear,' reflects the prevailing market sentiment. Bitcoin dominance remains robust at 55.77%, suggesting that capital is flowing into Bitcoin rather than altcoins, even in a declining market. Bitcoin's funding rates are still positive at +0.0064%, meaning longs are paying shorts, but the Open Interest of $44.6 billion indicates that significant leveraged positions remain in the market, which could lead to liquidation cascades if prices fall further.