Ripe for a squeeze
BTC hovers near its March 2024 ATH amid heavy ETF outflows, subdued institutional participation, and a sharp Nasdaq-correlated drawdown, while perpetual futures leverage climbs to critical highs, increasing the risk of substantial volatility.
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Bitcoin has declined another 3% over the past week, recording its fifth consecutive red weekly candle amid persistent selling pressure, substantial ETF outflows, and relatively soft trading volumes. BTC is currently trading slightly above its 200-day moving average at $73,137, having made several attempts to break below its March 2024 all-time high of $73,800. These levels represent a crucial support area, with continued selling pressure increasing the risk of a more substantial breakdown.Financial markets experienced considerable volatility following the Democratic sweep in the U.S. midterms, with BTC briefly rallying above $80,000 b
