Amid rising tensions in the Middle East and global economic recession concerns, Bitcoin's price remains in limbo. Recently, there was an outflow of $237 million from spot Bitcoin ETFs in the US. This was the largest daily withdrawal observed in the last 90 days and the fourth largest outflow since the ETF was established in January. This increased market speculation and fueled concerns about a new bear market.

These large outflows from Bitcoin ETFs are often seen as a sign of widespread selling pressure in the market, which could lead to declines in Bitcoin's spot price. Currently, Bitcoin's price prediction is becoming increasingly uncertain; BTC/USD parity lost 2% value in the last 24 hours and fell to $ 58,716.

Technical indicators point to the $61,000 level as a strong resistance point for Bitcoin. If selling pressure continues, prices may fall further below this resistance level.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is down 2.3% in the last 24 hours and is currently trading at around $58,725. The cryptocurrency's 24-hour trading volume is approximately $26 billion, and it remains the leading cryptocurrency with a market capitalization of $1.15 trillion.

Technical analysis on the 4-hour chart shows that Bitcoin is moving in a downtrend and has hit a key resistance point at $61,000. This resistance point is supported by the 50-day exponential moving average (EMA) at $64,110, indicating strong selling pressure.

The Relative Strength Index (RSI) indicates oversold conditions by reading 31, which could indicate a potential price correction. While the main support level is set at $58,300, there is additional support at $56,850. A bearish engulfing candle formation forming near the $61,000 resistance suggests that the downtrend is continuing, and if the bearish momentum continues, prices are likely to move towards the $58,300 support level. Investors are advised to approach the market with caution and sell below $61,000, while a break above this level could signal a potential recovery. However, given the current bearish trend and macroeconomic uncertainties, Bitcoin's price is expected to remain under downward pressure in the near term.

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