Investing.com — Since hitting an all-time high of $73,777 in mid-March, has been in a consolidation phase. This period of rangebound trading has dampened market enthusiasm, but historical trends and current indicators suggest a breakout is imminent, H.C. Wainwright noted in a recent research report.
Throughout most of Q2 2024, the original cryptocurrency traded within a range, exiting the quarter about 10% below Q1 levels. This decline was attributed to miner capitulation driven by post-halving economics, large liquidations by the German government, fears surrounding Mt. Gox repayments, and a hawkish Federal Reserve, the report explains.
“Despite these headwinds, U.S. spot BTC ETFs managed to attract around $2.4 billion of net inflows for the quarter, compared to $12 billion in Q1. The average BTC price for the quarter was $65,687, marking a 22.6% quarter-over-quarter increase from $53,579 in Q1. As of Q3, BTC has averaged $61,025,…
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