Bitcoin Tests $84K Gap Fill as Spot ETFs Post First Weekly Outflows

Bitcoin is testing a key short-term technical setup as CME futures point to a possible gap fill near $84,000, though spot Bitcoin ETFs posted their first net outflows in a week on May 7, adding pressure to the recovery structure, according to technical analysis shared by Super฿ro and CryptoJack on X.

CME Futures Show Recovery Structure With Multiple Price Targets

Bitcoin CME futures are trading inside a recovery structure after breaking above a long descending trendline, according to a daily chart shared by Super฿ro on X. The chart shows BTC moving higher from the early April low and reclaiming several short-term moving averages. Price also pushed above the yellow downtrend line that had capped upside movement since the October high near $127,240.

Super฿ro identified Bitcoin as ready to fill the weekend gap near the 100-day simple moving average before completing a larger gap fill at $84,000. The chart marks the first key area around the current moving-average cluster, where BTC could retest support before another move higher.

The first level marked on the chart sits near the 20-day and 100-day moving averages. Holding that zone would keep the short-term recovery structure active. The second level appears near $84,000, which lines up with the next dotted resistance zone and could become the main upside target if buyers keep control.

The chart also shows wider possible paths. A stronger move could push BTC toward the higher CME gap area near the mid-$90,000 range. However, a failed retest could send price back toward the lower gap region near $68,000 to $70,000.

For now, the setup depends on whether Bitcoin holds above the reclaimed trendline and moving averages. A clean move toward $84,000 would support the gap-fill view, while a drop below the retest zone would weaken the recovery.

Spot Bitcoin ETFs Record First Weekly Outflows

Spot Bitcoin ETFs recorded net outflows on May 7 for the first time in a week, according to a chart shared by CryptoJack on X. The SoSoValue chart shows Bitcoin ETF flows turning negative after several days of strong inflows. Green bars dominated late April and early May, while the May 7 bar moved below zero, marking a shift in ETF demand.

The chart also shows BTC price pulling back after reaching the upper part of its recent range. Bitcoin had moved higher alongside stronger ETF inflows, but the latest outflow came as price started to cool.

CryptoJack noted that spot Bitcoin ETFs saw net outflows for the first time in a week, with the chart placing the outflow near the lower side of the flow scale, showing that investors removed capital after a short run of positive daily entries.

ETF flows matter because they show institutional demand for Bitcoin through regulated funds. Strong inflows can support buying pressure, while outflows may signal weaker demand or short-term profit-taking. However, one negative day does not confirm a broader trend. Bitcoin ETF demand would need more outflow days to show a clear shift away from the recent inflow streak.