Bitcoin technical analysis: Failed breakout at $78,302 resistance

Bitcoin (BTC) is trading at $77,322, showing a modest daily uptick and maintaining levels above its key short-term averages while staying comfortably above longer-term support.

Highlights

• US-listed spot Bitcoin ETFs posted $462.7 million in net outflows during September 8 to 11, confirming substantial institutional selling pressure.
• Binance Bitcoin reserves rose to a two-year high above 693,000 BTC, increasing the risk of greater short-term supply on the exchange.
• Technical signals indicate prevailing intraday selling pressure and a high likelihood of a downward move, with an expected BTC/USD range of $76,341 to $78,302 over the next 2 to 3 trading days.

ETF outflows and rising Binance reserves drive near-term selling risk

U.S.-listed spot Bitcoin ETFs saw $462.7 million in net outflows during the trading week of September 8–11, reflecting institutional profit-taking and mechanical reductions in market liquidity, according to Crypto. This outflow dynamic has introduced selling pressure, while data from Investing.com showed Bitcoin reserves on Binance rising to a two-year high above 693,000 BTC, raising the potential for increased short-term supply on the exchange. Meanwhile, the upcoming U.S. House Ways and Means Committee review of proposed tax legislation adds a layer of regulatory uncertainty, which may affect positioning or risk appetite among market participants.