Market Reactions and Speculations
The emergence of this pattern coincides with Bitcoin’s attempt to breach the $73,000 mark, a move that briefly positioned it above previous monthly highs. Nonetheless, this rally was met with resistance, leading to a regression to the $67,000 level.
Analysts note that the subdued breakthrough beyond $74,000, in contrast to the expected trajectory mirrored by notable financial instruments like BlackRock’s IBIT, might stem from the minimal fresh capital inflows into Bitcoin ETFs, especially when juxtaposed with gold ETFs.
