Bitcoin Price Rebound Above $78K as ETF Outflows Ease

Bitcoin's price has shown signs of recovery after a decline earlier in the week. According to data, the leading cryptocurrency by market cap is now trading above $78,000, up nearly 2% in the last 24 hours.

The rebound comes as outflows from Bitcoin ETFs have declined over the past few days. On May 18, there were approximately $648 million in net redemptions, led by BlackRock's IBIT. However, this trend has slowed down, with only $70.5 million in outflows recorded on Wednesday.

The improvement in momentum indicators suggests that bulls are regaining control of the market. The Relative Strength Index (RSI) is above 50, indicating a fading bearish trend. Additionally, the Moving Average Convergence Divergence (MACD) is approaching zero, hinting at waning downside momentum.