Bitcoin Defies Interest Rate Hike and SEC Approval with Resilient Rebound
The recent interest rate hike and SEC approval of tokenized securities have not deterred Bitcoin's momentum. In fact, BTC rebounded from $75K to $82K after these events. The market analysis suggests that short squeezes drove this rally, with buying pressure temporarily surpassing selling.
Institutional inflows into spot Bitcoin ETFs have expanded, with Fidelity joining BlackRock in buying large sums of BTC. This renewed institutional interest is a positive sign for the cryptocurrency market.
However, despite this momentum, BTC faces resistance at $83K, leaving uncertainty regarding a full bull market breakout. The current price action suggests that whales are not engaging in large-scale liquidation but rather rotating their positions.
The on-chain data analysis indicates that institutional buying has temporarily returned, while selling pressure from short-term holders has been released. The net inflows of funds into ETF spot trading institutions have increased, with Fidelity leading the charge with a net inflow of $311 million.