Bitcoin’s price continued to rebound after finding support around USD 55,000. The cryptocurrency could benefit from large investors buying the dip.
Other large investors like MicroStrategy continued to hold to the cryptocurrency.
MicroStrategy reported Bitcoin holdings exceeding USD 1 billion which also helped sustain investor sentiment. At the same time, investments in Bitcoin ETFs reversed toward inflows after a series of strong outflows.
The market experienced outflows totaling nearly USD 554 million over three consecutive days, which weighed on Bitcoin’s prices. While the inflows remain relatively limited they could support the market in case they improve.
The market could see more gains if investors move into a more risk-on approach after the fear that gripped the market earlier this week as concerns about a US recession grew. Investors could monitor any new economic data and the direction in monetary policy.
Leave a Comment