Crypto Market Bounces Back But Remains Under Pressure Despite Rebound

The crypto market has rebounded to some extent after weeks of decline, but remains under pressure. The market capitalisation rose to $2.21T at the start of trading on Monday, before correcting to $2.18T, still up by over 5% from the previous week's levels.

The situation is characterized as a corrective rebound that has failed to climb above the region of previous local highs at $2.27T, indicating a downtrend with lower highs and lows.

Bitcoin (BTC) recovered to the 200-week moving average, a key historical support level, but then slipped back by about $1K after failing to sustain gains above $64K.

Net outflows from spot BTC ETFs totalled $526.6 million over the shortened week, marking eight consecutive weeks of negative trend, while deposits in Bitcoin and altcoins on exchanges have risen sharply, signaling heightened volatility in the market.