Bitcoin (BTC) shows signs of recovery and rises above $59,000 at the time of writing on Tuesday, following a three-day decline after failing to close above $60,500 over the weekend.
Bitcoin approaches the key daily support level of $56,000, eyeing for a recovery. Microstrategy announces $700M private offering for debt buyback and Bitcoin acquisition. CME Group data projects a higher 69% chance of a 50 bps rate cut by the US Federal Reserve on Wednesday. Bitcoin shows signs of recovery, rising above$60,000 at the time of writing on Tuesday, following a three-day decline after failing to close above $60,500 over the weekend.
Still, this inflow is small compared to the total Bitcoin reserves held by the 11 US spot Bitcoin ETFs, which total $49.44 billion in Assets Under Management . Bitcoin Spot ETF Net Inflow chart Bitcoin ETF AUM chart Coinglass’s data earlier provideda mild bearish outlook for Bitcoin. Bitcoin’s long-to-short ratio was at 0.99, indicating that more traders anticipate the asset price to fall. However the ratio has flipped above 1 to 1.
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