Bitcoin rebounded from recent lows but remains below $62,000 as Fidelity recorded its largest Ethereum purchase in two months, signaling renewed institutional interest.

Notable Statistics:

• Coinglass data shows 99,015 traders were liquidated in the past 24 hours for $304.32 million.      
• SoSoValue data shows net outflows of $77.4 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $40.9 million.
• In the past 24 hours, top gainers include Audiera, Morpho and Curve DAO Token.

Notable Developments:

• Ripple Launches XRPL Payment Toolkit As XRP ETFs See $7.44M Inflow
• Anthony Pompliano Says Bitcoin’s 50% Correction Is ‘One Of The Best Bear Markets’ Ever
• Is Bitcoin Cheap? Grayscale Found Indicators That Say ‘Yes, But…’
• Bitcoin ETFs Shed All Inflows Made After Trump 2024 Election Win
• Charles Hoskinson Returns, Says Cardano Will Beat Bitcoin: Why Is ADA Going Down?
• Bitcoin Plunges To $61,000: Where Is The Bottom For BTC?
• Why Robinhood Stock Is Rising After Its May Trading Update

Trader Notes:

Daan Crypto Trades noted Bitcoin is holding above its weekly 200-week moving average near $61,800, as he watches this week's local high as the key breakout level. A move above it would confirm a higher high and higher low structure, signaling potential for further relief.

Michael van de Poppe explained Bitcoin remains range-bound and needs more momentum before breaking decisively in either direction.

Analysts view $64,000 as a key resistance level, with a breakout potentially triggering a move toward CME gap targets at $75,000 and $79,000.

Such a rally could significantly improve market sentiment and reduce the risk of further downside. For now, however, Bitcoin remains below this crucial threshold, meaning the broader recovery has yet to be confirmed.

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