Bitcoin Price Increases as ETF Outflows Slow; Key Resistance Level Approached

Bitcoin's price increase of around 1% today brings a welcome respite after several days of declines. According to SoSoValue data, Bitcoin spot ETFs recorded a net outflow of $70.47 million on May 20, extending the streak of net outflows to four consecutive days. Ethereum spot ETFs saw a net outflow of $28.14 million, marking eight consecutive days of net outflows.

The pace of ETF outflows slowed compared to earlier in the week, but institutional selling continues to exert downward pressure on sentiment. Crypto analyst Ali Martinez identified a key resistance level at $77,800, which Bitcoin is currently testing after climbing to the upper boundary of a rising channel.