Bitcoin Tests $76K as Profit-Taking Continues Amid ETF Inflows
Bitcoin's price has fallen below $84,000 after investors took profits following its rally to a high of $87,395 on Monday.
The decline may seem alarming, but analysts point out that underlying demand remains strong due to sustained exchange-traded fund inflows and accumulation by larger holders.
According to SoSoValue, US spot Bitcoin ETFs attracted $190.65 million in net inflows on Thursday, marking the sixth consecutive day of positive flows since last week.
This influx of money supports the recovery thesis, as fund issuers generally purchase BTC corresponding to new investor demand, absorbing some of the supply created by holders taking profits.
Despite the correction, Bitcoin continues to trade above its major daily moving averages, maintaining a bullish technical structure.