Bitcoin (BTC) is correcting for the second consecutive day, trading below the pivotal $80,000 threshold on Friday. The Crypto King started the week on a bullish note, alongside major cryptocurrencies such as Ethereum (ETH) and Ripple (XRP). The path of lease resistance shifted downward after rejection at $82,850 by mid-week.

Ethereum, like Bitcoin, is showing technical weakness, trading below $2,300, while XRP struggles to regain momentum from a daily low at $1.38. The broad risk-off mood can be attributed to profit-taking and resistance in overhead supply, among other factors.

Institutional demand fades amid ETF outflows

Bitcoin spot Exchange-Traded Funds (ETFs) experienced outflows totaling $278 million on Thursday, breaking five…