Key Factors Influencing Bitcoin's Price Volatility

In the past week, sellers demonstrated strength, preventing the top cryptocurrency from surpassing the $43,500 resistance level. This indicates a likely intensification of the correction, possibly leading BTC to a new local low.

Currently, Bitcoin trades within the support zone of $40,200-$41,307. This range is pivotal in maintaining the asset's upward trend. If this zone fails, BTC could quickly decline to $39,200, with a potential further drop to $36,000.

Sell orders are primarily within the resistance zone of $42,200-$42,700. Above this range, resistance is seen at $43,400 and a seller zone of $43,900-$44,700. Until BTC tests these levels, a continuation of the uptrend remains speculative.

Bitcoin Notes Weekly Outflows Of $33 Million Amid Crypto Market Selloff
In a noteworthy market event, Bitcoin witnessed an outflow of $33 million last week, indicating a significant change in investor sentiment toward taking profits. Meanwhile, the latest report from CoinShares sheds light on this trend, emphasizing that the move appears to be more indicative of profit-taking rather than a broader change in sentiment towards the digital asset class.

Notably, this comes as digital asset investment products, after 11 consecutive weeks of inflows, saw a minor outflow of $16 million, signaling a dynamic market landscape.