Bitcoin, the world’s largest cryptocurrency, has been facing some pressure in recent days as the market saw a significant outflow of $651 million in spot BTC ETFs. This has caused traders to shift their focus to the crucial support level of $95,000.

The outflow of such a large amount of BTC from spot ETFs has raised concerns among investors and traders, leading to a decline in the price of Bitcoin. This has also caused a ripple effect in the overall cryptocurrency market, with many altcoins also experiencing a drop in their prices.

The recent outflow of BTC from spot ETFs can be attributed to various factors, including profit-taking by institutional investors and concerns over the ongoing regulatory crackdown on cryptocurrencies. This has caused a sense of uncertainty in the market, leading to a decrease in demand for Bitcoin.

As traders closely monitor the $95,000 support level, many are wondering if Bitcoin will be able to hold its ground and bounce back from this recent dip. Some experts believe that the current market conditions are favorable for a potential rebound, as the overall sentiment towards Bitcoin remains positive.

Despite the recent pressure on Bitcoin, many analysts and investors remain optimistic about its long-term prospects. The growing adoption of Bitcoin by institutions and the increasing interest from retail investors are seen as positive indicators for the future of the cryptocurrency.

In addition, the recent approval of a Bitcoin ETF in Canada and the possibility of a similar approval in the US have also sparked excitement in the market. This could potentially open up new avenues for investment and drive the price of Bitcoin higher.

In conclusion, while Bitcoin may be facing some short-term pressure, the long-term outlook for the cryptocurrency remains positive. As traders keep a close eye on the $95,000 support level, the market is eagerly anticipating a potential rebound and a continuation of Bitcoin’s upward trajectory.