Digital investment products are witnessing solid buying, but it may take a stronger trigger to propel Bitcoin to a new all-time high.
The S&P 500 Index (SPX) plunged about 2% last week, but the weakness in the equity markets could not dampen the enthusiasm of the cryptocurrency traders. Bitcoin (BTC) made a strong comeback, rising roughly 12% for the week.
According to CoinShares da, digital asset investment products witnessed strong inflows of $1.35 billion last week, taking the total inflows in the past three weeks to $3.2 billion. Bitcoin’s strength also resulted in outflows of $1.9 million from short-Bitcoin exchange-traded products.
Even after the recent rally, Bitcoin remains stuck inside a sideways price action. As the price nears the resistance, the bears are likely to pose a strong challenge. However, analysts are optimistic about Bitcoin hitting a new all-time high.
