Odaily Planet Daily reports: Axel Adler Jr., an analyst at CryptoQuant, stated that this week’s market was significantly impacted by SpaceX’s large-scale IPO, triggering cross-asset risk concerns. Although overall risk appetite indicators remain outside their normal range, sentiment has provided some relief to market pressure. For Bitcoin, this week has been a recovery phase following the $60,000 low, but structural selling pressure persists. Data shows a net outflow of approximately 20,900 BTC from exchanges this week, indicating that ongoing selling pressure has not yet fully subsided. The short-term rebound is primarily driven by short covering, as accumulated short positions over the past month are being liquidated en masse, creating temporary price support. Additionally, miner pressure is beginning to emerge. Overall risk appetite has not yet turned clearly positive, and the market remains in a transitional state characterized by concurrent recovery and deleveraging.
Bitcoin in Recovery and Sell-Off Phase Amid SpaceX IPO Impact
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Summary
Bitcoin is in a consolidation phase after reaching a $60,000 low, with recovery efforts fueled by short covering. Net outflows of 20,900 BTC this week indicate continued selling pressure. Value investing in crypto remains cautious as miner activity increases and risk appetite stays subdued. The market is in a transitional phase of recovery and deleveraging amid cross-asset shifts triggered by the SpaceX IPO.
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