Bitcoin Price Fails to Break 200-DMA, Institutions Take Exit Amid Strong ETF Outflows

Bitcoin price lost momentum after another rejection near the 200-day simple moving average (SMA) around $82,500. Analysts flagged weakening volume, rising unrealized profits, and renewed exchange-traded fund (ETF) outflows as warning signs for BTC bulls.

Bitcoin Price Faces Rejection At 200-DMA

Popular analyst Crypto Patel showed that Bitcoin price has continued to trade in an ascending channel structure that began after the February low near $59,800. The analyst showed that BTC has faced rejection near the upper boundary of the channel around the $82,500 level. It shows signs of a weakening BTC momentum.

Crypto Patel described the setup as bearish channel behavior. He said that the Bitcoin price momentum is clearly slowing down at resistance, along with declining volume during the latest upside move.

The analyst identified the $71,000 to $72,000 range as a key demand zone. He stated that a breakdown below the channel could expose Bitcoin to downside targets near $60,000 to $62,000.

On the other hand, Crypto Patel stated that a close above the $83,000 level would invalidate the bearish outlook. The market analyst noted that the broader outlook remains neutral to bearish.

Bitcoin Price Has A Short-Term Support At $79,000

Following the recent pullback, veteran trader Peter Brandt noted that Bitcoin price has one final support to test. He added that Bitcoin is currently trading within a potential bear channel that has developed since the February lows.

The analyst noted that Bitcoin price action is facing rejection near the upper boundary of the channel. It shows a clear weakness in any recovery attempt.

Brandt added that an Average True Range-based close below the $79,145 level could increase the chance of a deeper pullback, to the midpoint of the channel, and further to its lower boundary.

Blockchain analytics firm CryptoQuant also reported that unrealized profit margins for Bitcoin traders have surged to 17.7%. This is the highest profit level that investors are looking at since June 2025.

According to the analytics firm, the last comparable setup occurred in March 2022. Back then, Bitcoin price was also testing its 200 DMA before the broader market downtrend resumed.

According to CryptoQuant, this surge in unrealized profits could increase the likelihood of profit-taking and heighten market volatility.

Bitcoin ETF Flows Turn Negative

Analytics firm Glassnode reported that over the past seven trading sessions, spot Bitcoin ETFs saw $88 million per day of outflows. This also marks the largest outflow level since mid February.

Glassnode noted that the data suggests institutional participants may have been using the recent Bitcoin recovery as an opportunity to reduce exposure.

On May 13, U.S. spot Bitcoin ETFs recorded total net outflows of $630.38 million. It marks the largest single-day outflow in the past three months, while trading volumes remained relatively muted.

BlackRock led the outflows through its IBIT fund, which recorded net withdrawals of $284.68 million. Fidelity followed with $133.20 million in outflows from FBTC, while ARK Invest saw $177.10 million exit from ARKB.