Bitcoin to resume bull run after crypto exchanges see massive BTC outflow

Dogecoin (DOGE) trades above $0.1600 at the time of writing on Friday, stabilizing after a rough start to the week. Eric Balchunas, a Bloomberg ETF analyst, shared that the Bitwise Dogecoin spot Exchange Traded Fund (ETF) could launch 20 days after the 8(a) form filed on Thursday. 

Bitcoin (BTC) price is hovering around $102,000 at the time of writing on Friday after losing over 7% so far this week, as bearish sentiment continues to weigh on the broader crypto market. Ethereum (ETH) finds support around a key level while Ripple (XRP) faces rejection from crucial resistance.

Filecoin (FIL), Dash (DASH), and Tezos (XTZ) are spearheading the broader cryptocurrency market recovery with double-digit gains over the last 24 hours. Filecoin leads the rally with 50% gains, while Dash rebounds from the $100 mark and Tezos marks a falling wedge pattern breakout. 

Ethereum (ETH) has resumed its downtrend, trading below $3,300 at the time of writing on Thursday. The bearish outlook mirrors Bitcoin's (BTC) intraday decline below $102,000. 

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Bitcoin (BTC) price continues to trade in red, below $101,000 at the time of writing on Friday, having dropped more than 8% so far this week. The decline comes amid mounting selling pressure from long-term holders, who continue to offload their positions.