The crypto market recovers really quickly, but what next?

Over the previous seven days, the market capitalization for cryptocurrencies has increased by 13%; over the weekend, there was not any notable movement. After a fall, this usually appears like a rebound. Only a climb above the local highs of $2.85 trillion will indicate a turn around.

Reaching 31, market mood has shifted from the "extreme fear" zone into the "fear" zone. For the last seven days, the indicator has been in the region of 18 to 45, displaying good dynamics and thus supporting the change of market attitude.

Attempts to surpass the 50-day moving average brought Bitcoin almost to the $85K mark. An significant indicator of a trend shift will be continuous consolidation above this level. Overcoming the 200-day average, which is oriented higher and goes through $87,500, will be a more consistent guide point for long-term traders.

Continuing for the second week in a run, net outflows from spot Bitcoin ETFs doubled last week to $713.3 million, SoSoValue observes. Since January 2024 Bitcoin ETF approvals, cumulative inflows dropped to $35.36 billion.

With seven straight weeks of outflows from spot Ethereum-ETFs in the US totaling $82.5 million in previous week, Cumulative net inflows for the ETF, launched in July, have dropped to $2.28bn.

BlackRock's total crypto assets under management at the end of the first quarter were $50.3bn, around 0.5% of its $11.6 trillion in overall assets.

A bitcoin reserve law has been passed by the House of Representatives of New Hampshire. Should the Senate and governor adopt the paper, up to 5% of public funding would be allocated to BTC investments and precious metal purchases. Legislators in North Carolina suggested utilizing cryptocurrency as payment method.

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