Bitcoin's Price Resilience not a Sign of Sustained Recovery
Dow Jones10-14
0923 GMT - Bitcoin having surpassed $84,000 temporarily despite substantial ETF outflows is encouraging, but its short-term price resilience is not yet a sign of a sustained recovery, writes Utkarsh Ahuja of crypto hedge fund Moon Pursuit Capital. "Institutional participation has fundamentally changed the structure of the crypto market, although greater access through ETFs does not guarantee consistent demand," Ahuja says. "Another period of consolidation remains possible, and I would prefer to see stronger institutional demand before assuming the market has established a durable recovery." Bitcoin is broadly flat at $83,398.
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