Bitcoin Price Faces Uncertainty as Trendline Support Breaks Down

Bitcoin's recent price action has been influenced by the breakdown of its ascending trendline support. This level had guided the cryptocurrency's recovery from April lows. As a result, the price has fallen back towards $77,000.

The U.S. spot Bitcoin ETFs have recorded significant outflows over the past week, totaling approximately $1.4 billion in net outflows. This decline in institutional demand is a bearish signal for the market. On-chain data also suggests that 9,664 BTC worth more than $744 million had been transferred to exchanges over the last five days, indicating a potential increase in sell-side intent.

The breakdown of the trendline has also led to a decrease in buying pressure, with the price failing to reclaim the 200-day moving average near $80,800. The MACD histogram on the daily chart has turned negative, and the MACD line is beginning to cross lower beneath the signal line. This suggests that the market may still be vulnerable to another sweep lower before stabilization occurs.