Bitcoin is facing selling near the 50-day SMA, indicating that the range-bound action may continue for a few days.
Bitcoin (BTC) witnessed increased volatility last week. The price recovered from an intraweek low of about $56,500 to finish above $64,000, a marginal gain of roughly 1.5% over the previous week. This shows that the sentiment remains positive, and lower levels are being purchased by the bulls.
According to Farside Investors data, the spot Bitcoin exchange-traded funds recorded net inflows of $378 million on May 3. Particularly encouraging was the $63 million inflow into the Grayscale Bitcoin Trust ETF, its first since its conversion into a spot Bitcoin ETF in January. Although it is too early to tell, early signs suggest that the incessant selling in the GBTC could end.
Bitcoin’s recovery in 2024 has helped the sector attract venture capital funding in excess of $1 billion for two consecutive months in March and April, according to RootData. This was the first such occasion since October through November 2022.