Bitcoin struggled to regain momentum on Wednesday, despite a recovery in the broader crypto market led by Ethereum. The recent outflows from U.S. Spot Bitcoin ETFs, totaling over $700 million in four days, have weighed on Bitcoin’s price.
Investors are cautious due to mixed signals from Fed officials about policy rates and a focus shift to lower-priced altcoins. Ethereum surged after the U.S. SEC concluded its investigation into its security status, boosting market confidence.
Global economic data, such as cooling inflation rates in the U.S. and Europe, have also contributed to positive market sentiment, although Bitcoin has not yet benefited. Analysts remain optimistic about Bitcoin’s long-term trajectory, predicting potential peaks in late 2024 or 2025.
As of now, Bitcoin is trading at around $65,300, with Ethereum seeing a nearly 4% increase, reaching $3,560. Despite current challenges, Bitcoin’s long-term outlook remains promising.
