Bloomberg: Bitcoin's Rebound Stalled as Weak Buyers Drag Down Rally

BlockBeats News, November 11th, according to Bloomberg, Bitcoin is struggling to achieve a meaningful rebound after last month's decline, but the overall cryptocurrency market is showing signs of fatigue.

Bitcoin briefly rose above $107,000 on Monday, only to fall back below $105,000, highlighting that the market sentiment remains fragile after experiencing widespread selling and the evaporation of billions of dollars in market value. Part of the reason for this downturn is that large holders took profits near this year's highs, as well as lingering anxiety following the liquidation event in early October. Funds flowing into exchange-traded products also show little enthusiasm.

On Monday, despite Washington taking action to end a government shutdown leading to gains in the stock and credit markets, the Bitcoin ETF listed on U.S. exchanges attracted only $1 million in net inflows. From a technical standpoint, Bitcoin is still pinned below its 200-day moving average, currently around $110,000 — an essential threshold for any sustained rally, according to analysts.