Is The Bitcoin Correction Coming To An End?

BTC Selling SubsidesThe sell-off in Bitcoin appears to have lost momentum in recent days. Following a more than 20% decline from the YTD highs, BTC prices have stabilised since mid-week, failing to break lower ground. With much of the selling attributed to ETF outflows from those who bought in well before approval was granted, bulls are now hoping that this flow has resolved itself and the market will once again return to fundamentals.Outflows SoarData this week showed that ETF outflows hit their highest level so far on Wednesday, which marked day 9 since the SEC approved spot-BTC ETFs for trading. A combined net outflow of $158 million was recorded on Wednesday. Along with the increased outflows, several funds noted slowing inflow for their products.ETFs Take in $5billion.In total, Bloomberg reports that $5.2 billion has been taken on by the 10 funds since they were approved for trading. If legacy outflows prove to have dried up now, the current correction could well present a strong opportunity for bulls to position for a fresh leg higher.What to WatchWith the April halving event fast approaching, the bullish outlook remains intact. However, the recent shift in tone by the Fed is also having a restraining impact on sentiment and must be monitored, particularly with the FOMC next week.Technical ViewsBitcoinThe sell off has stalled for now with price currently attempting to get back above the bull channel top and the broken 40345 level. This is a key pivot area for the market and a breach back above here will put focus on a fresh move higher with 45520 the first stop for bulls. If we fail here, however, focus turns to deeper support at 32165 and the bull channel lows.