FX.co ★ GokBoruHunter | #Bitcoin chart analysis

BTCUSD Daily Outlook Update BTC is below $78,000 at the time of writing on Monday, marking the fourth straight week of losses. Institutional demand seems to be waning, as spot Exchange-Traded Funds (ETFs) saw outflows of more than $202 million last week. Furthermore, the negative fallout from last week's Binance hack continues to weigh on trader sentiment, preventing any attempt by the Crypto King to make a comeback. Institutional demand for Bitcoin is weak. According to SoSoValue, BTC spot ETFs experienced a net outflow of $202.59 million last week. In addition, the monthly chart shows a net outflow of $515.03 million from spot ETFs in October, ending the three-month net-inflow trend. The biggest centralized cryptocurrency exchange, Binance, faced a security breach last week on Thursday when around $6.3 billion was taken through ten different blockchains. According to the exchange, "It will cover all losses from the Secure Asset Fund for Users (SAFU) fund and the company's funds. User funds are safe." The exchange also said that it is working on security checks and will allow withdrawals once everything is sorted out. Binance users withdrew a total of $3.64 billion, or 2.1 percent of the exchange's total value, after hackers believed to be associated with North Korea took millions from the platform, Reuters reports. The withdrawals are stable after a rise on Sunday, but deposits remain "substantial," the exchange added. But concerns remain about where the stolen money went. According to Wu Blockchain, the hacker moved around $242 million through Tron in just two days. Meanwhile, another $3 billion in stolen funds on other blockchains was not touched at all. Furthermore, a QCP Capital analyst said the attacker still possesses the stolen Bitcoin and has begun splitting it into blocks of 1,000 BTC and 100 BTC each. As a result, investors remain cautious, which has weighed on Crypto King. Crypto King has seen a 2.25% correction this past week, marking four consecutive negative weeks since early October. On Monday, the first day of the week, BTC continues to trade down by about $77,967 at the time of writing. If BTC continues to correct further, the next target could be the 50-week Simple Moving Average (SMA) at $75,597, where a weekly close below this level would lead to losses toward the 200-week SMA at $67,776. The RSI on the weekly chart currently stands at 51, close to the neutral 50, signaling a loss of bullish momentum. In addition, the MACD histogram remains positive, but the bars continue to weaken, indicating that while upside momentum is strong, it is losing steam. If BTC reverses, it could extend toward the 61.8% Fibonacci retracement level at $78,661 (calculated between the August 2024 low of $49,000 and the October 2025 record high of $126,199). If this level holds, the next target is the 50% retracement at $87,823, followed by the 100-week SMA at $89,134. The daily chart shows that Crypto King has maintained a slight constructive bias, as it continues to trade above both the 100-day EMA near $77,821 and the 200-day EMA near $76,466. However, it is currently capped by the 50-day EMA near $80,287, hence preventing any further upside follow-through. Meanwhile, a slightly bearish daily RSI near 38 and a negative MACD histogram below zero indicate that bullish momentum remains fragile despite the constructive mid-term picture. Upside, the first resistance is the 50-day EMA near $80,287, followed by stronger horizontal resistance near $85,000. On the downside, the nearest support is the 100-day EMA near $77,821, while stronger support is the 200-day EMA near $76,466.