Bitcoin’s price remained above $75,000 despite facing significant selling pressure from spot ETF outflows. Data from SoSoValue showed U.S. Bitcoin spot ETFs recorded $648 million in net withdrawals on May 18. Traders are now watching to see if Bitcoin can hold its key support level near $75,800 as it consolidates below the $81,000 resistance.
Bitcoin price held above the $75,000 support level despite experiencing substantial outflows from spot exchange-traded funds. The largest cryptocurrency was trading near $76,796, reflecting a decline following recent market volatility.
U.S. Bitcoin spot ETFs recorded a net outflow of $648.64 million on May 18. Large funds from BlackRock, Fidelity, and ARK contributed to the withdrawals after Bitcoin’s price dropped from above $80,000 earlier in the month.
Bitcoin has continued to consolidate near its 50-day and 200-day moving averages after a recovery from a correction phase. The key resistance level is near $81,000, while immediate support lies between $75,800 and $76,000.
Recent candlestick formations indicate sideways movement as traders watch for Bitcoin to maintain its current support. A break below this area could lead to further downside potential toward the mid-$74,000 region.
The increase in institutional selling pressure has created uncertainty about Bitcoin’s ability to hold above major technical support. Market participants are closely monitoring ETF flows and potential momentum to retest the $81,000 resistance.
