BTC/USD Technical Analysis: Bitcoin breaks above 200 SMA and finds resistance at 5,200.00 level

The cryptocurrency market trades in the red on Thursday after the US Senate Banking Committee (SBC) postponed discussions on crypto market structure following Coinbase's withdrawal of support due to multiple issues.

Axie Infinity price slides more than 7%, trading below $1.12 on Thursday, after a massive surge earlier this week. The bearish sentiment strengthens as AXS’s exchange netflow hits a 3-year high, alongside negative funding rates and rising short bets, all of which hint at a short-term price pullback.

Dash (DASH), Internet Computer (ICP), and Pump.fun (PUMP) are the top-performing crypto assets over the last 24 hours. DASH and ICP secured double-digit gains on Wednesday, while PUMP marked its fourth day of recovery.

Bitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.

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Bitcoin (BTC) is trading lower toward $90,000 on Friday after encountering rejection at a key resistance zone. The price pullback in BTC is supported by fading institutional demand, as spot Exchange Traded Funds (ETFs) have recorded net outflows so far this week.