Analysis: Bitcoin fluctuates between regulatory favorable news and rising yields, with continuous ETF outflows putting downward pressure on the price.

Mars Finance News: Bitcoin price remains around $80,350, up only 0.8% in the short term, and continues to face pressure after multiple failed attempts to break through the $82,000 resistance level. This range is seen as a confluence of resistance levels, including the ETF cost basis, the 200-day moving average, and the CME gap fill area. Although the U.S. CLARITY Act has passed the Senate Banking Committee, bringing positive expectations for crypto regulation, institutional funds continue to withdraw. Data shows that the net outflow of U.S. spot Bitcoin ETFs over the past 7 days has decreased to an average of -$88 million per day, the largest outflow since mid-February. Analysts believe this round of selling pressure is more about profit-taking rather than panic selling. On the macro front, rising U.S. Treasury yields are a key source of pressure. The 10-year U.S. Treasury yield has risen to about 4.52%, hitting a 10-month high, while April’s CPI increased by 3.8% year-over-year, the highest in three years, further delaying market expectations of Fed rate cuts. Analysts point out that geopolitical conflicts have driven up energy prices, intensifying inflationary pressures and weakening the appeal of risk assets. Regarding institutional views, some analysts believe the current ETF fund outflows are part of portfolio rebalancing rather than a trend of retreat. The options market shows that Bitcoin faces significant resistance in the $82,000–$84,000 range, with $77,000 serving as a key support level. If the price falls below this range and leverage does not decrease, the market could enter a deleveraging phase, increasing the risk of a correction.