U.S. inflation data on Wednesday seemed to solidify the prospect of a 25 basis-point interest-rate cut by the Fed this month, following which Nvidia, Microsoft, Google and Apple all registered gains. BTC is currently priced just above $58,000, 2.4% higher in the last 24 hours, while the broader crypto market has risen about 2.2%, as measured by the CoinDesk 20 Index. However, bitcoin ETFs' inflow streak was halted after just two days, registering outflows of $43 million on Wednesday.
The recent price drop has been characterized by a positive global bid-ask ratio, represented by the vertical green lines. "It shows the underlying demand remains robust, positioning the market for a potential rebound," Hyblock Capital said.
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