Key Insights:
- The Bitcoin price recently recovered above the $80,000 level.
- Despite the surge, crypto analysts hint at a bearish turn for the BTC price.
- Reasons behind this narrative include ETF outflows and miners offloading BTC.
Analysts cautioned that the current Bitcoin (BTC) recovery rally could be met with massive resistance. According to Bitcoin price prediction, it could lead to BTC correcting back towards the $70,000 level.
Bitcoin ETF Outflows Begin
The Bitcoin (BTC) price traded above $80,000. However, the negative sentiment was echoed by the high daily withdrawals of nearly $145.7 million from spot Bitcoin ETF in the U.S. on Friday, May 8.
Data from Farside Investors shows total net outflows from Bitcoin ETFs to be $145.7 million on May 8. BlackRock’s IBIT had the largest outflows with $27.2 million, followed by $97.6 million in outflows at Fidelity Investments’ FBTC.
Other funds, such as ARKB and BITB, had negative flows too. The outflows came after Bitcoin bounced off the lows around the $65,000 level in recent times.
Key Levels In Bitcoin Price Prediction
Two key resistance levels are currently attracting traders’ attention, according to crypto analyst Michaël van de Poppe.
“There are two crucial resistance zones for #Bitcoin to monitor,” he wrote on X. The analyst pointed to the “$86-88K” range and “$93-95K at the 50-Week MA).”
Poppe presented a weekly BTC price chart that illustrated how the 50-week moving average has been a resistance level in previous cycles.
The chart has been compared with the Bitcoin price setup during the bear market period of the year 2021-2022 and its recovery period.
In the Bitcoin price prediction chart, BTC previously fell below the 50-week moving average, before a long correction phase began. In this cycle, the asset looks like it is trying to rally from the 200-week moving average, although it seems to be at a crossroads.
The analyst added, “in any first rally of the bull cycle, you’ll see resistance around the previous support level and/or the 50-Week MA.” He added that the same pattern “has been the case in the 2017, 2021, and 2024 cycles.”
Poppe also cautioned Bitcoin may have to consolidate for several weeks below the resistance levels. It could then see any further pullback, per Bitcoin price prediction.
He said, “After that, I wouldn’t be surprised that we retest lower at $70-75K before we continue to run.”
Miners Book Profits Amid Bearish Bitcoin Price Prediction
Meanwhile, Bitcoin mining data showed that miners have begun reaping profits from the recent recovery rally. Miners have been selling BTC consistently in the last month, according to crypto analyst Ali Martinez. He wrote, “Bitcoin miners have been booking profits!”
Since Bitcoin price hit $72,000 around April 7, he said, miners have sold an estimated 3,400 BTC. In that time period, Bitcoin price rose roughly 15% and even peaked at $82,790.
Miner reserves have been declining during the rally, Martinez said, referring to Santiment data. As shown in the accompanying chart, BTC miners’ holdings declined steadily during the Bitcoin price run-up.
Meanwhile, the Bitcoin (BTC) price continued to rise towards the $80,000 mark amid a negative Bitcoin price prediction outlook.
“On-chain data shows that miners have offloaded approximately 3,400 $BTC during this run, taking advantage of the recent price expansion to cover operational costs or lock in gains at multi-month highs,” he added.
Currently, Bitcoin ETF outflows and miner selling pressure combined with resistance near the $86,000-$88,000 level.
