MARKET WRAP: Bitcoin $BTC traded lower along with stocks, while oil prices spiked. Analysts expect cryptos will stabilize within two or three months.
Ten-year Treasury yield daily close: 1.75%
Typically, price ranges benefit short-term traders who enter positions at support and resistance levels, aiming to profit when the price returns to its midpoint. , indicating a high level of activity with buying or selling strength. Additionally, transaction activity on the Bitcoin blockchain confirms spikes in supply and demand at key technical levels."Crypto markets will need to see a period of stabilization in the next two or three months before a more sustainable recovery can get under way," David Duong, head of institutional research at Coinbase , wrote in a report.
."However, given the limited incoming fresh demand, this delicate balance can be disrupted by any significant degree of seller exhaustion, or conversely a re-invigoration of sellers."Fresh investment inflows into crypto funds tripled last week to the highest in almost three months, despite outflows from European products.
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