Bitcoin (BTC) is embarking on a recovery, trading above $78,000 on Thursday after support around the key Exponential Moving Averages (EMAs) earlier this week.
The leading cryptocurrency is up by nearly 2% in the last 24 hours.
Significant outflows from Bitcoin ETFs, including approximately $648 million in net redemptions on May 18, led by BlackRock’s IBIT, affected Bitcoin’s price earlier this week.
However, the outflow has declined over the past few days as buyers have absorbed the pressure.
The momentum indicators are improving, suggesting that the bulls are regaining control of the market.
Spot Bitcoin ETF outflows decline
Bitcoin recorded massive losses earlier this week, dropping below the $77,000 level on Monday.
The bearish performance was prompted by massive outflows from Bitcoin ETFs.
Bitcoin ETFs recorded an outflow of $648 million on Monday, with total ETF sales exceeding $1…
