Bitcoin ETF Sees $1.2B Outflow as BTC Price Crashes, Whats Next?

The market pundits have cited these negative fund flows as a potential reason behind the dip in Bitcoin price.

Bitcoin News: Price Slips, “Uptober” Sentiment at Risk

The aggressive selling pressure in Bitcoin price and the broader crypto market has also impacted the “Uptober” sentiment.

For context, digital assets, especially BTC USD price, tend to deliver robust gains in October and through the final quarter of the year.

However, the recent selloff reported in Bitcoin news, fueled concerns, as BTC price has lost nearly 6% already this month.

On the other hand, the average return for Bitcoin USD in October is around 46%, CoinGlass data showed.

During writing, BTC price added nearly 2% in the last 24 hours and hovered near the $107k level.

Notably, the crypto has touched a 24-hour high of $107,541, recovering from the daily low of $104,666. The weekly decline comes in at 5%, while the 30-day chart shows a plunge of nearly 9%.

This gloomy data, alongside the massive outflow from the US Spot Bitcoin ETF, has raised questions about the potential future movements of the flagship crypto.

What Lies Ahead for Bitcoin Price？

In recent Bitcoin new, the volatile scenario has left investors questioning the future path of BTC. Besides, it might also shed some light on how the altcoins might perform in the near future, as the BTC peers tend to follow Bitcoin USDs trajectory.

Amid this, renowned analyst Michel van de Poppe said that BTC USD price must break through the $110k mark to continue its upward trajectory.

Breaking the wall could trigger another rally to a new all-time high for the asset.

On the flip side, the analyst has highlighted $105,797 as a major support for the crypto. His chart hints at a looming Bitcoin price crash to $100k if the support is broken.

Bitcoin Price Prediction | Source: Michael van de Poppe, X

Echoing a similar sentiment, analyst TedPillows highlights the recent struggle of the asset to reclaim the $108k-$109k support.

According to the expert, reclaiming support remains crucial for the crypto to avoid a further dip.

He noted that breaking through the level could boost the market confidence, potentially aiding BTC price to reach $112k. However, if it fails to reclaim the $108k level, a looming crash to $100k awaits.