Coinbase Report: Downward Pressure on Bitcoin Price is About to "Exhaust"

According to a report by Coinbase, the downward pressure on Bitcoin and the broader cryptocurrency market is "exhausting". Coinbase analysts said: "We believe that many of the technical factors leading to the downturn in cryptocurrency performance are beginning to exhaust, which may give way to a more supportive trading environment in the coming weeks." The report added that over the past week, net inflows into U.S. spot Bitcoin ETFs have averaged over $200 million per day, bringing total net inflows since January 11th to $1.46 billion. It is expected that macro factors will become more relevant with digital asset categories in future weeks, which could support crypto market performance.