Bitcoin Price Stability Tested as Spot Demand and ETF Outflows Put Pressure on Market

Bitcoin's recent price action has been characterized by a mix of volatility and stability. As the cryptocurrency approaches the $75,000 mark, traders are closely monitoring key support levels to assess its ability to maintain this level.

The market's current state is marked by weak spot demand, which is weighing on the price. Additionally, ETF outflows have reduced one of the key demand channels that helped Bitcoin recover earlier in the quarter.

The 30-day cost basis near $78,200 has turned into overhead resistance, limiting recovery attempts. Glassnode's market update reveals that Bitcoin remains structurally resilient but spot demand has weakened.