Bitcoin (BTC) tapped $83,700 during the early Asian hours on March 12 after reaching a low of $76,600 on March 11 amid a slight improvement in market sentiment.
BTC/USD facing rejection from the $84,000 level raises questions about whether BTC price could drop further over the next few days.
BTC/USD hourly chart. Source: Cointelegraph/TradingView
Demand for Bitcoin remains weak
Spot Bitcoin exchange-traded funds (ETF) outflows have played a big role in the BTC price drop since late February, surpassing $1.5 billion over the last two weeks.
Related: Why is Bitcoin price up today?
Meanwhile, Bitcoin’s apparent demand remains low, implying a decline in risk appetite from potential investors, according to data from market intelligence firm CryptoQuant,
What to know:
Apparent demand is the difference between production and changes in inventory.
Production refers to BTC