Initial indicators hint at an uptick in inflows to the Bitcoin network, sparking hope for a potential trend reversal. A cryptocurrency analyst reported on Twitter that lighter blue bands reflect net flows from U.S. spot exchange-traded funds (ETFs), suggesting renewed interest and momentum in the network. However, confirmation of a reversal requires at least a week of sustained observation.
Range Low Provides Support
Bitcoin currently hovers near its range low, which is considered a pivotal support zone. Market participants are cautiously optimistic that this level will hold, enabling upward momentum to persist and prevent further downturns. A successful defense of this range could signal a sustained bullish continuation for the world’s largest cryptocurrency.
Despite these early positive signs, the analyst warns of potential downside if support at the range low falters. In such a scenario, Bitcoin could decline to a projected range between $52,000 and $55,000, marking a possible low in this correction.
