The S&P 500 reached a new all-time high of 7,736.52 points on August 4, rising 1.8%, which creates a more favorable context for risk assets. The US dollar simultaneously fell sharply following coordinated intervention by the United States and Japan to support the yen, reducing pressure on Bitcoin. However, Bitcoin spot ETFs recorded $61.53 million in net outflows last week, ending a streak of three modest weeks of inflows after experiencing $6.94 billion in net outflows between May and June. Technically, Bitcoin remains below the major resistance level between $69,000 and $70,000 on weekly charts, with a pattern of lower highs and lower lows on daily charts confirming a bearish trend. The coming weeks will be decisive in determining whether Bitcoin can build a solid support base or continues to decline in an otherwise more favorable environment.
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