Crypto Market Pulls Back Amid Safe-Haven Demand

The cryptocurrency market experienced a pullback due to increased safe-haven demand, with Bitcoin retreating from above $73K to around $71K. This marks the third pullback from the upper boundary of the consolidation range, which corresponds to 61.8% of the downward move seen at the start of the year.

According to SoSoValue, net inflows into spot BTC ETFs totalled $786.3 million, reaching their highest level in the past six weeks. Inflows into spot Ethereum ETFs have also resumed, totalling $187.1 million.

Analysts suggest that Bitcoin and Ethereum are close to levels that signal a trend reversal. For the upward movement to be consolidated, BTC needs to break above $76K and ETH above $2.4K.