BTCUSD- Bitcoin Dips Below $76k on Institutional Selloffs
Bitcoin (BTC) price declined 2.22% to $75,893, underperforming a broadly weak crypto market, primarily driven by sustained institutional selling via spot Exchange-Traded Funds (ETFs).
Persistent outflows from U.S. spot Bitcoin ETFs, led by BlackRock’s IBIT, which saw over $1.15 billion leave in four days, directly increased sell-side pressure.
U.S. spot Bitcoin ETFs are now seeing five consecutive days of net outflows, totalling nearly $1.63 billion. BlackRock’s IBIT alone accounted for over $1.15 billion of that selling. This represents direct institutional distribution into the market.
Bitcoin’s price broke below a key ascending trendline that had guided its recovery since April, weakening its technical structure. Concurrently, data shows capital rotating from Bitcoin and Ethereum ETFs into alternatives like XRP and Solana ETFs, which saw inflows.
The move was amplified by technical selling and a broader risk rotation in crypto, rather than by isolated weakness in Bitcoin. Bitcoin dominance: a continued decline would confirm the rotation narrative.
The immediate trigger is ETF flow data. Technically, Bitcoin is testing crucial support between the recent swing low of $75,601 and the 50-day moving average near $76,427.
If it holds this zone, a rebound toward the 200-day average resistance near $80,800 is possible. A break below $75,600, however, could trigger further liquidations toward the next support near $74,000.
The market is in a fragile equilibrium, balancing heavy institutional selling against dip-buying at lower levels. The $75,600 level and the next batch of ETF flow data are due on May 23.
The combination of sustained ETF outflows and a broken technical structure has shifted near-term momentum to the downside. Bitcoin Price Nears $81K as GoMining GoBTC Pay Opens Payment Access
