Price Prediction
Bitcoin Trades Above $84,000 as Exchange Reserves Drop to Seven-Month Low
Bitcoin traded near $84,127 after recovering from a drop to $80,335 last week. The cryptocurrency remains above its key 0.5 Fibonacci level at $83,476, with resistance levels identified at $84,217, $85,470, and $86,617. US spot Bitcoin ETFs experienced $681 million in net outflows last week, ending a three-week streak of positive inflows. Meanwhile, Bitcoin reserves on cryptocurrency exchanges fell to a seven-month low, with approximately 700,000 BTC pulled off exchanges over the past year. Over the past day, short sellers lost $39.62 million out of $46.15 million in total liquidations as prices moved higher. Futures volume jumped 68.90% to $31.02 billion, while total open interest rose 1.99% to $52.53 billion. Gold investor Peter Schiff stated he still expects Bitcoin to drop to new lows despite its recent price holding.