Bitcoin's Last Line of Defense is Cracking, and There are No Buyers Below It 

Bitcoin price fell to a dangerous point today after US CPI showed hotter-than-expected inflation. BTC price fell below its 200-day moving average of $73,100, which was a major support level. This shows market demand is fading very quickly.The same indicator helped support Bitcoins recovery in August, which eventually pushed prices to $87,400 in September. Nearly 16.5% of that value has since disappeared. Bitcoin price chart. Source: TradingView Why are Bitcoin Buyers Disappearing? The bigger concern is that money appears to be leaving the crypto market. According to CryptoQuant, Tethers USDT market capitalization has fallen by $6.6 billion over the past 60 days. That is more than twice the contraction recorded after FTX collapsed in 2022. Stablecoins such as USDT provide money that traders can readily use to buy crypto. Shrinking supply can signal weaker buying power, although some funds may have shifted into other stablecoins. USDT supply contraction. Source: CryptoQuant Institutional demand is weakening too. US spot Bitcoin ETFs recorded $1.28 billion in net outflows last week, followed by approximately $201 million on Monday. Glassnodes ETF analysis points to sustained selling pressure. How Low Could Bitcoin Fall? The next few trading sessions could determine whether Bitcoin faces a deeper correction. The key price levels are: $73,100: The 200-day moving average. A daily close back above it would ease immediate pressure. $72,165: The next critical support. Losing it could expose $68,000. $66,200$67,300: A previous resistance zone that could attract buyers. $62,750: The August low and a deeper downside target. Analyst CryptoKid sees limited buying demand before $66,700, although he remains bullish on Bitcoins longer-term prospects. There is absolutely no demand for Bitcoin between roughly $73,500 and $66,700.$73,500 happens to be the 200-day moving average, which is the good news. As long as we stay above that level, BTC should be fine. But losing it could drag the price down another 9.5%. Bitcoins RSI is near 33, suggesting the market is approaching oversold conditions. That could encourage a rebound. However, unless ETF demand stabilizes and market liquidity improves, any recovery may struggle to last. Read the article at BeInCrypto