Bitcoin (BTC) managed to recoup some early-week losses on Thursday by closing 1.2% higher at $59,060.
Bulls were struggling to make any further progress in early Friday though, with the BTC/USD pair staying below the $59,100 mark as traders struggled to reclaim $60,000, given the pile of sell orders accrued at this price point, per Binance’s order book.
That was until a mid-afternoon surge sent the world's largest cryptocurrency a few percentage points higher to $60,400 at the time of writing.
Bitcoin has been hit by a post-Halving bout of profit taking and a sharp reversal in exchange-traded fund inflows.
Farside Investors data showed one of the worst days of ETF outflows on record on Thursday, with over $563 million leaving the market. Thursday saw another $34 million of outflows.
Week on week, bitcoin is currently down 6%, with Ethereum (ETH), the second-largest cryptocurrency down around 3.5%.
In the broader altcoin space, BNB, Solana (SOL) and Ripple (XRP) have all dipped in the mid single digits, while Dogecoin (DOGE)’s week-on-week losses have extended the upper single digits.
Global cryptocurrency market capitalisation currently stands at $2.24 trillion, with bitcoin dominance at 52.8%.