Fed Rate Hike and Escalating Tensions Cap Bitcoin's Upside Potential
Bitcoin's price continued its cautious rebound on Thursday, trading around $76,500 after a mild recovery in the previous session.
The Crypto King's upside remains limited due to a hawkish Federal Reserve outlook and escalating tensions in the Middle East, which have supported demand for the safe-haven US Dollar (USD) and potentially capped Bitcoin's potential upside.
Institutional demand shows weakening signs as spot Exchange-Traded Funds (ETFs) recorded an outflow of $295.98 million on Wednesday after an outflow of $450.33 million on Tuesday, marking the second consecutive day of withdrawals this week.