Bitcoin Price Falls Towards Key EMA Ahead of FOMC Minutes
Bitcoin price fell towards its 50-day Exponential Moving Average (EMA) at $64,370 on Wednesday after gaining nearly 3% over the previous two days.
The US-listed spot ETF saw a significant inflow of over $189 million on Tuesday, marking its second consecutive day of gains.
Traders are closely watching the FOMC Minutes release, which could provide fresh clues about the Federal Reserve's interest-rate outlook amid rising inflation concerns linked to increasing energy prices.
Institutional demand has returned this week, with spot ETFs recording inflows, and traders are cautious ahead of the FOMC Minutes, which could have a significant impact on Bitcoin's price movement.