Bitcoin Strength Stuns Bears But They Haven’t Given Up Yet
Despite Bitcoin surpassing $73,000 amid economic uncertainty, traders question if the five-month bear market correction is truly over.Summary
Bitcoin recently jumped above $73,000, supported by weak US economic data indicating recession risks and ongoing geopolitical tensions involving Iran. This economic turmoil has driven investors toward scarce assets like BTC, away from US Treasuries, and institutional demand, evidenced by spot ETF inflows, is also contributing to the bullish momentum. However, many traders remain skeptical that the five-month correction from the $126,000 peak is finished. This skepticism stems from Bitcoin's high correlation (84%) with the Nasdaq 100, suggesting a potential stock market pullback could negatively affect BTC. Furthermore, high oil prices are fueling inflation and squeezing retail trader capital, and recent spot ETF flows appear reactive to price rather than leading indicators, meaning the recent strength may not signal a definitive end to the bear market.
(Source：Cointelegraph)