Analyst: Bitcoin Shows Signs of Recovery, But Uptrend Still Unconfirmed

BlockBeats News, July 22nd, Bloomberg's Senior ETF Analyst Eric Balchunas wrote that since the US Independence Day 250th anniversary, Bitcoin has risen by about 8% in total, outperforming most assets. At the same time, flows into Bitcoin spot ETFs have started to recover, with a net inflow of about $750 million in the past week.

Balchunas stated that it is still difficult to fully believe that this round of gains has formed a stable trend. However, after experiencing the previous decline, it is not surprising to see Bitcoin ultimately rebound, and the subsequent trend is still yet to be observed. For the past 9 months, early Bitcoin holders have been continuously selling assets, exerting downward pressure on the price. If these holders can stop selling, Bitcoin may rebound.