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BTC could face a deeper pullback to $77,400 if it falls below $81,300 and ETF outflows continue, according to a Bitfinex Alpha report.
Bitfinex said the recent BTC correction resembles declines seen during past recovery phases, while there has been no sign of large-scale selling by investors who bought within the previous trading range. Spot buying demand, however, remains weak. Bitfinex added that the average purchase price for investors in spot Bitcoin exchange-traded funds is estimated at about $84,340, and with BTC now trading below that level, some investors who reach break-even during a rebound could emerge as sellers.