Bitcoin hits 10-day high on ETF inflows

Bitcoin continued its rise as buying interest in spot ETFs strengthened and selling pressure in the market eased. The cryptocurrency gained approximately 7 percent, reaching 69,227 dollars and hitting its highest level in the last 10 days.

According to Bitfinex analysts, Bitcoin has entered a recovery trend after lagging behind major stock indices during the summer months. The recent movement is primarily driven by the renewed inflows into spot Bitcoin ETFs.

Data shows that approximately 490 million dollars flowed into these ETFs over the last two trading sessions. Analysts state that this increase in demand is supporting the upward movement in price.

The reduction in selling pressure in the market is also cited as a factor facilitating the rise. The fact that a significant portion of investors looking to take profits have completed their sales has contributed to easing the pressure on Bitcoin.

In its assessment, Bitfinex noted that long-term investors have been selling at small losses, while investors who took positions recently have largely exited at levels close to their purchase prices. According to analysts, this picture leaves room for Bitcoin to move further upward if ETF demand strengthens.

News Source: 12punto