Bitcoin Price Recovery: When Will It Start?

Despite the recent purchase of over 11,900 Bitcoin by MicroStrategy, the price of Bitcoin continues to decline. Analyst Willy Woo predicts that a Bitcoin price recovery will start when weak miners exit the market and the hash rate recovers. He believes the current miner capitulation is taking longer than usual due to ordinal inscriptions boosting miner profits. Woo points to the hash rate recovery during the 2017 and 2020 halving cycles, which often coincided with the summer months, as a potential indicator for this year's recovery. Meanwhile, Bitcoin ETF outflows have continued for the past five days, suggesting waning institutional interest in Bitcoin, possibly due to the Federal Reserve's stance on interest rates. This is contributing to selling pressure on the Bitcoin price.