Bitcoin has established a local bottom at $56,000 for its current trading range following a 17.5% decline from an all-time high of $73,700.in the latest edition of the Bitfinex Alpha report that the primary factor behind BTC setting a bottom is the stabilization of flows into spot Bitcoin exchange-traded funds . This shows that demand for the asset is beginning to slow down, allowing the market to find its equilibrium.
“Regardless of these levels it is important to note that BTC has already corrected 17.5 percent which is close to the average downturn from local highs since the bear market bottom. Regardless of whether we see BTC move lower, we do not expect a V-shaped recovery as has been the case for previous dips since 2023,” analysts clarified.for the first time since their launch in early January.
Demand for the ETFs has reduced, as seen in the inflows plummeting from the high records of more than $1 billion per day. Meanwhile, Bitfinex anticipates a period of ranging for BTC in the near term due to the reduction in ETF demand. The downturn is expected to be relatively moderate, and data from Monday shows that the flows haveThe Most Popular Airdrops to Watch For in 2024Sign-up FREE to receive our extended weekly market update and coin analysis report
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