news 
Bitcoin (BTC) Holds Above $117K Despite Recent ETF Outflows – Technical Signals Point to Continued Strength
Bitcoin’s price has defied the odds by holding above the $117,000 mark despite recent outflows from exchange-traded funds (ETFs). The market is witnessing a bullish setup, with technical indicators suggesting continued strength in the cryptocurrency.
The price currently sits at $117,866 (+1.05% in 24h), showcasing resilience amid ETF outflow concerns. A neutral RSI reading of 57.25 indicates room for upward movement before reaching overbought conditions. This development allows traders to consider adding long positions while setting stop losses below the established support level of $111,920.
Notably, the presidential executive order allowing 401(k) retirement plans to invest in digital assets has provided fundamental backing for long-term positions. Fidelity’s Bitcoin ETF reported a substantial outflow of $99.1 million, reflecting some institutional uncertainty. Additionally, long-term holders capitalized on recent all-time highs by selling significant positions, leading to downward pressure below $114,000.
Concurrently, El Salvador announced plans to establish the world’s first Bitcoin bank, offering services entirely in BTC. While this milestone might not have an immediate impact on price action, it reinforces Bitcoin’s growing integration into national financial systems and its potential for long-term adoption.
Technical Analysis
Bitcoin technical analysis reveals a predominantly bullish setup despite recent volatility. The cryptocurrency currently trades above all major moving averages, with the current price at $117,866 sitting comfortably above the 20-day SMA of $116,716.19 and significantly above the 200-day SMA of $99,722.97.
The MACD histogram displays a negative reading of -92.7435, suggesting some bearish momentum in the short term that traders should monitor. In contrast, Bollinger Bands analysis demonstrates Bitcoin trading at 64% of its band width, positioned closer to the upper band at $120,247.80 than the lower band at $112,664.64.
Source: Blockchain.News
