2023-8-16 23:44 |
A sharp mid-afternoon selloff upended what had been a quiet Tuesday in cryptocurrencies.
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Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
Flows into the new spot ETFs have been subdued for a couple of weeks, possibly prompting a renewed interest in macro drivers for price direction.
Bitcoin needs to reclaim the $69,000 level to reignite its uptrend, one trader noted.
The cryptocurrency has more room to run, analysts say.
The rally continued Wednesday as the spot ETFs continued to see massive inflows of fresh money.
Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund (ETF) products grows.
Bitcoin price approaches $49,000 Monday after strong spot bitcoin ETF inflows last week.