Bitcoin rallied to more than $63,000 on Thursday, bringing the altcoin market with it. However, a negative outflow day for US Bitcoin ETFs as well as those in Hong Kong, have put the dampers on this rally. Will bitcoin be able to continue its bounce?
Lower highs and lower lows
Bitcoin has been traversing sideways and downwards for ten weeks now. Each time there has been a rally, the $BTC price has surged up only to be defeated each time, and lower lows have been recorded, while higher highs have not.
The latest bounce was not huge, and only succeeded in knocking up against $63,000, which could be now turned into support, although this latest rally will need to force the price through this level or face going back to retest the lows once more.
One possible reason for the rally possibly petering out is the net negative Spot Bitcoin ETF outflows for both the US and Hong Kong on Thursday. Bitcoin will need these flows to become large and positive if it is to have the fuel behi
We współpracy z: https://cryptodaily.co.uk/2024/05/bitcoin-btc-bounces-but-will-it-continue
