Bitcoin's $60k Rally Faces Resistance as Demand Remains Weak

Bitcoin's recent price surge to above $60k has raised hopes of a sustained recovery. However, analysts say that the cryptocurrency's activity remains under pressure and its demand is still not strong enough to confirm a clear shift in bias.

The market continues to show lower appetite for cryptocurrencies, with high interest rates in the US increasing borrowing costs and reducing liquidity available for risk assets such as crypto.

Despite recent price rebound attempts, Bitcoin's ETFs have recorded net capital outflows of over $300 million, indicating that institutional demand remains weak.