Bloomberg: Bitcoin's Rebound Stalled as Weak Buyers Drag Down Rally
On November 11th, as reported by Bloomberg, Bitcoin is facing difficulties in achieving a significant rebound following last month's decline. However, the overall cryptocurrency market is showing signs of exhaustion. Bitcoin briefly reached above $107,000 on Monday but then fell back below $105,000. This highlights that the market sentiment remains weak after experiencing widespread selling and the loss of billions of dollars in market value. One of the reasons for this downturn is that large holders took profits near this year's highs. There is also lingering anxiety following the liquidation event in early October. Funds flowing into exchange-traded products also show little enthusiasm.
Bitcoin's pulling back but that's just profit-taking noise – we're still up huge YTD. Weak buyers? Nah, smart money's loading dips for the next leg up. BNB vibes staying strong through it all
On Monday, although Washington took action to end a government shutdown, resulting in gains in the stock and credit markets, the Bitcoin ETF listed on U.S. exchanges only attracted $1 million in net inflows. From a technical perspective, Bitcoin is still stuck below its 200-day moving average, which is currently around $110,000. This is an essential threshold for any sustained rally, according to analysts.