Bitcoin bulls are trying to push the price back inside the range, indicating that the markets have rejected the breakdown.
The S&P 500 Index (SPX) plunged 4.25% last week, indicating profit booking by short-term traders near the all-time high of 5,670. Bitcoin (BTC) was also in the bears’ grip, falling 4.24% as sellers attempted to start a new downtrend.
The recent weakness in risk assets has seen a sharp outflow from the United States-based spot Bitcoin exchange-traded funds (ETFs). Bloomberg data showed $1.2 billion in outflows from the ETFs in eight days.
Daily cryptocurrency market performance. Source: Coin360
