Bitcoin’s dull range-bound action is likely to continue for a few more days as the bulls and the bears battle for control of BTC price.
Bitcoin (BTC) is witnessing a see-saw battle between the bulls and the bears. After receiving more than $595 million in inflows into the spot Bitcoin exchange-traded funds on May 3 and May 6, the tide turned on May 7 with an outflow of $15.7 million, according to Farside Investors data.
Irrespective of the short-term uncertainty, crypto bull Anthony Pompliano remains bullish for the long term. While speaking to CNBC, Pomp said that Bitcoin’s 200-day simple moving average hit a new all-time high above $50,000, indicating that the long-term trend remains bullish.
The sideways price action has not deterred institutional investors from investing in spot Bitcoin ETFs. Quantitative trading firm Susquehanna International Group said in its filing that it had acquired more than $1 billion worth of shares of Bitcoin spot ETFs in the first quarter of 2024.