Bitcoin Claws Back Some Ground But Stays Range-Bound — Market Talk
Bitcoin recovers modestly in the morning Asia session even as the tech selloff continues. Cryptocurrencies have taken a hit this week as AI fears spurred investors to rotate out of riskier assets. Spot Bitcoin ETF flows, however, signal improving institutional demand, which has helped cushion recent losses, says Konstantinos Chrysikos at Kudo.com. If inflows persist, they could absorb part of the selling pressure, he writes. Upcoming U.S. economic data, a Fed meeting and earnings will influence where cryptocurrencies go next. Resilient data could reinforce expectations of Fed tightening, pushing yields higher and weighing on Bitcoin, Chrysikos says. Next week's Fed decision and earnings from Alphabet and Amazon could then determine if Bitcoin breaks out of its recent range, he adds. Bitcoin is up 0.7% at $81,758. ([email protected])