Analyst: Bitcoin shows signs of recovery, but the uptrend still needs confirmation

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Golden Finance News reported that on July 22, Bloomberg senior ETF analyst Eric Balchunas posted that since the United States’ 250th Independence Day anniversary, Bitcoin has risen cumulatively by about 8%, outperforming most assets. Meanwhile, inflows into Bitcoin spot ETFs have started to rebound, with net inflows of approximately $750 million over the past week.

Balchunas said it’s still difficult to fully believe that this round of gains has already formed a stable trend, but after Bitcoin experienced the earlier pullback, it is not surprising that it eventually rebounded; the next move remains to be seen. Over the past 9 months, early Bitcoin holders have continued to sell assets, putting pressure on the price; if these holders can stop selling, Bitcoin could rebound.

BTC-0.80%
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