Analysis: Bitcoin is seeing bargain hunters absorbing some selling pressure, but this is still insufficient to reverse the downward trend.

According to ME News, on May 31st (UTC+8), the outflow pressure from Bitcoin spot ETFs intensified recently. This week, Bitcoin ETFs saw a net outflow of $1.42 billion, following last week's $1.26 billion, causing the price of Bitcoin to briefly fall to $72,500. However, some investors bought on dips near $70,000, providing support for the price, although the buying power was insufficient to reverse the downward trend. Furthermore, in the derivatives market, traders added $300 million in leveraged long positions with target prices between $73,000 and $74,000, indicating some market expectation for a price rebound. Order book data shows that the market accepts prices below $75,000, indicating investment attractiveness. A price increase would require new catalysts, such as progress on the US-Iran peace agreement, net inflows into ETFs, a decline in oil prices, and news regarding the US strategic Bitcoin reserve. (Source: ME)