Bitcoin rebounds as investor sentiment recover

7 Ağustos 2024

Today’s markets analysis on behalf of George Khoury Global Head of Education and Research at CFI

Bitcoin is recovering to a certain extent from its declines after more than a week of losses. Investor sentiment could be improving, reducing selling pressure, after the latest panic over recession risks in the US. However, investors could continue to monitor US economic data in search for more clues on the direction of the economy.

At the same time, short and long liquidations remain flat, indicating potential investors’ caution and uncertainty about the cryptocurrency’s direction. Institutional investor apprehension is also significant. Recently, the Bitcoin ETFs saw significant outflows with over USD 148 million leaving the funds yesterday, registering a third session of outflows.

However, Ethereum ETFs were able to maintain investments coming in. Some ETFs recorded a string of inflows which could signal an interest in the asset. Stronger inflows could alleviate concerns about the direction of cryptoassets in general.

 

Zaid Barem / YMM