BTC shows bottoming signs as selling pressure eases, but macro risks remain

Bitcoin is showing signs of a market bottom as it consolidates between $60,000 and $75,000, with easing selling pressure, stabilizing spot ETF inflows, and a recovering supply from long-term holders, The Block reported, citing K33 Research. The report suggests that the trend of modest net inflows into spot ETFs since late February indicates an end to the large-scale selling that began last October. Additionally, the number of long-term holders, which fell late last year, has started to increase again. However, the report also highlighted persistent macroeconomic uncertainties, including geopolitical tensions in the Middle East, rising oil prices, and reduced expectations for interest rate cuts due to the Fed's hawkish stance. Current market indicators reflect this caution, with futures market open interest (OI) at a year-to-date low and negative funding rates suggesting weak buying demand.