BTC Bounces on Institutional Inflows Ahead of FOMC Minutes
Bitcoin's recent recovery has been supported by renewed institutional demand, with US spot Bitcoin Exchange-Traded Funds (ETFs) recording consecutive daily inflows of $189.30 million at the beginning of the week.
The influx of funds is a positive sign for the cryptocurrency, which has been attempting to regain momentum after trading below several important long-term technical indicators.
Investors are now awaiting the release of the Federal Open Market Committee (FOMC) Minutes, which could provide additional insight into the Federal Reserve's interest-rate outlook and inflation expectations.
A hawkish set of minutes suggesting further tightening remains possible could push US Treasury yields and the US Dollar higher, weighing on Bitcoin and other risk-sensitive assets.