Bitcoin Rises Amid Renewed ETF Demand, Reduced Selling Pressure — Market Talk

Bitcoin rises in Asian trading. The cryptocurrency is recovering, reaching its highest level in 10 days after lagging behind major stock indexes all summer, Bitfinex analysts say. The digital asset has been supported by renewed buying through spot Bitcoin ETFs, which attracted almost $490 million over the past two sessions. Meanwhile, selling pressure appears to be easing as many investors looking to take profit have already done so. Bitfinex says long-term holders are selling at small losses, while recent buyers are mostly selling around their purchase price. The reduced selling pressure is giving renewed ETF demand more room to push Bitcoin prices higher, the analysts say. Bitcoin last trading 0.3% higher at $69,297.60. ([email protected])