Global economic tensions and trade policy uncertainties continue to sway cryptocurrency markets, with Bitcoin (BTC) showcasing resilience by rebounding from a recent correction. The digital asset experienced a notable drop from $105,875 to a low of $103,156, a 2.57% range, before buyers stepped in, defending the $103K level with strong volume support.
Institutional Interest Remains Strong
Despite the pullback, institutional interest in Bitcoin hasn't waned. Firms like Strategy (formerly MicroStrategy) and GameStop have been adding BTC to their corporate treasuries, signaling continued confidence in the cryptocurrency's long-term value.
Technical Analysis Highlights
- The 24-hour period revealed a clear bottoming pattern with robust volume support around the $103,200-$103,400 zone.
- A recovery phase gained momentum after breaking above the $104,000 resistance level, with increasing volume confirming buyer conviction.
- This technical structure suggests the correction has likely completed, setting the stage for a potential continuation of the broader uptrend.
Market Dynamics
- U.S. spot Bitcoin ETFs recorded $358.6 million in net outflows on Thursday, ending a 10-day streak of positive flows that had brought in $4.26 billion.
- The price action formed a clear consolidation range between $104,077 and $104,263 before the breakout, with key support established around $104,080-$104,090.
BTC rose 8.2% in May, reaching a monthly high of $111,616 before pulling back to $104,420 as traders responded to global macroeconomic uncertainty and regulatory developments.
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