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Crypto

Bitcoin Bear Market May Be Nearing End Amid Strong Spot Demand

Guavy AI Editorial Team
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BTC
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CryptoQuant CEO Joo Ki-young believes that Bitcoin's bear market may be nearing its end, citing a recent rally in prices and improving market data.

Bitcoin broke out of a six-week range between $62,000 and $67,000, surging to $79,400 before trading at $77,161.80 as of August 22.

The cryptocurrency has gained 22% over the past week with $27 billion in daily volume, a sign that spot demand is playing an increasingly important role in the recent price move.

U.S. spot Bitcoin ETFs recorded net inflows of about $1.92 billion over five trading days, indicating institutional demand contributed to the price surge.

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