Bitcoin (BTC) has broken out of the descending wedge it has been inside of for nearly a month. However, there does not appear to be much conviction in the breakout so far. Will this change, or are we going to see more sideways price action?
U.S. Spot Bitcoin ETFs see regular outflows
The U.S. Spot Bitcoin ETFs, normally a reliable gauge of crypto market sentiment, are continuing to see net outflows on an almost daily basis now. Although these outflows are not big, and do not compare with the inflows of a couple of weeks ago, they still point to a low conviction level across the market.
Uncertainty over peace talks and inflation
On the geopolitical front, President Trump’s administration is talking peace with Russia, and despite push-back from Europe and a war of words with Ukraine’s leader Zelensky, there is hope that this war can be brought to an end quickly, to save lives, and free up leaders to concentrate on their economies.
From the economic perspective, U.S. Tr
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