Bitcoin might currently be trading below a $43,500 resistance level, but analysts see this downside action slowing down and a bullish performance is set to happen anytime soon. In a recently released weekly report by crypto exchange Coinbase, many technical factors currently slowing down the price of many cryptocurrencies industry (most especially Bitcoin) are starting to become exhausted, which could lead to a more supportive trading environment.

Intensifying Positive Macro Backdrop

Price action shows Bitcoin has majorly traded below $43,700 since the middle of January, as the launch of spot ETFs ushered in mixed reactions from the market. Despite averaging billions in weekly flows, the ETFs also exerted downward pressure on the price of Bitcoin, particularly with a sizable sell-off of shares in the Grayscale BTC Trust exchange-traded fund (ETF) led by defunct crypto exchange FTX.

Coinbase analysts, on the other hand, have observed that the dynamics are beginning to shift toward a more favorable trading environment, as the rate of selloffs has now slowed down. To back up this claim, the report noted the emergence of crypto lending company Celsius Network from bankruptcy and the recent inflows into spot Bitcoin ETFs. Notably, these ETFs averaged more than $200 million daily inflows last week, with an average daily volume of $1.35 billion.

BTCUSD slightly below the $43K level today. Chart: TradingView.com

The report also highlighted the fact

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Author: Scott Matherson

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