Bitcoin held crucial support above $60,000 after a minor bounce, though the broader trend remains weak as it trades below major resistance levels. Analysts note that a break above $71,900 could signal strength, while failure to reclaim $74,000 risks a drop toward $61,000. Despite the cautious price action, institutional demand showed resilience with spot Bitcoin ETF inflows totaling $568.45 million last week.
Bitcoin found footing above the critical $60,000 to $61,000 support zone, which has historically prevented deeper declines. The asset continues to trade below its 100-day and 200-day moving averages, reinforcing a weak broader trend within a descending channel.
Analyst CryptoWZRD highlighted that a daily close above $71,900 would signal a long opportunity, with $67,850 acting as key intraday support. “If the price is able to move past $71,900, it will signal a long opportunity,” the analyst stated.
Another analyst, Crypto Candy, mentioned that the recent pullback from the $66,000 area matched earlier projections. The analyst warned that staying below $74,000 could lead to a revisit of the $61,000 level or lower.
Institutional interest persisted as data showed U.S. spot Bitcoin ETFs recorded $568.45 million in net inflows last week. This follows a $787.31 million inflow the prior week, indicating steady institutional participation.
Market activity increased with futures volume rising 18.23% to $76.65 billion, according to CoinGlass. Open interest also grew by 5.04% to $46.10 billion, while the funding rate remained neutral at 0.0014%.
