Meanwhile, Rajagopal Menon, VP, WazirX, expects volatility to continue over the next few weeks as markets assess US inflation data, Federal Reserve policy expectations and developments in the technology sector.
Menon said Bitcoin reclaiming $70,000 through sustained spot buying, rather than short-covering, would provide a more convincing sign of recovery. He added that continued institutional outflows could keep prices under pressure, while a sustained move above that level would improve Bitcoin’s near-term outlook.