Bitcoin advanced to some extent on Thursday but remained close to multi-month lows and continued to trade within a wider consolidation range.
The broader backdrop remains challenging. Spot Bitcoin ETFs recorded a fourth consecutive day of outflows yesterday.
Wednesday alone saw withdrawals of approximately USD 213 million, reinforcing a trend that has been a major source of pressure on the market. Until ETF flows stabilise, rallies may struggle to develop into a sustained recovery.
The macroeconomic environment also remains unfavourable. Recent US inflation data confirmed that price pressures remain well above the Federal Reserve’s target, supporting expectations that policymakers will maintain a cautious stance. Markets continue to price in an interest rate increase before year-end, weighing on non-yielding assets such as Bitcoin.
Looking ahead, Bitcoin prices could react to geopolitical events as positive developments could benefit the cryptocurrency, while setbacks could affect market sentiment and weigh on risk assets. Additionally, the SpaceX IPO could divert capital away from digital assets, as investors could reallocate funds towards one of the most highly anticipated public offerings in years.
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