Bitcoin is entering a stabilization phase and analysts believe it is in an accumulation period. Despite price fluctuations, Bitcoin has maintained a 7% gain over the past two weeks. Ethereum is also down but has seen a rise of 5.5% over the same period. The reduction in Circle's USDC has been offset by stablecoin inflows totaling $38 billion this year, surpassing Bitcoin Spot ETF flows. Market analysts believe that the market needs time to digest higher bond yields before Bitcoin can resume its upward movement. Stablecoin inflows and institutional activity are seen as key indicators of potential upward momentum. However, caution is advised as Bitcoin hovers near a key support level, with a break below potentially leading to a deeper correction. Bitcoin's dominance in the market has risen to 57.3%, the highest since April 2021.
- Content Editor ( decrypt.co )
- 2024-10-23
Bitcoin Price Stabilizes as Analysts Flag an Accumulation Period