TechFlow reports that, according to Bitfinex Alpha’s latest report released on March 30, Bitcoin’s current price action is under dual pressure from weakening demand and deteriorating macroeconomic conditions. The market’s future direction is increasingly being driven by ETF fund flows. After failing to break above the upper boundary of its recent trading range, Bitcoin has retreated to near its monthly opening level. Recent upward moves have been primarily driven by short liquidations rather than spot buying support—indicating insufficient bullish momentum. Meanwhile, institutional capital flows have undergone notable shifts: sustained net outflows from Bitcoin ETFs suggest active de-risking by the market, and the capacity to absorb incoming capital has significantly slowed, further weighing on price performance.
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