Bitcoin’s (BTC) price has fallen to $62,600 U.S. on Aug. 14 as catalysts for the cryptocurrency sector remain elusive.
With the Clarity Act crypto legislation being put on the backburner in Washington, D.C., there are few near-term catalysts to spark a rise in Bitcoin’s price, say analysts.
Bitcoin had risen as high as $64,800 U.S. over the past week, but the largest cryptocurrency by market capitalization remains rangebound.
Since hitting a low for the year of $58,000 U.S. at the end of June, BTC has been stuck trading between $60,000 U.S. and $65,000 U.S.
There had been hope that soft inflation reports out of the U.S. this week would spark a rally in Bitcoin and other digital assets such as Ethereum (ETH).
However, that rally has not materialized as U.S. equities have also drifted sideways over the last five trading sessions.
On a positive note, there are tentative signs of a recovery in sport Bitcoin exchange-traded funds (ETFs).
After experiencing outflows of close to $5 billion U.S. in June, there are indications that institutional investors are wading back into Bitcoin ETFs.
Over the past week, inflows to about a dozen U.S.-listed spot Bitcoin ETFs hit a four-month high of $850 million U.S.
Still, analysts seem to agree that Bitcoin will have to break above resistance at $65,000 U.S. to stage a meaningful recovery and move out of its current funk.
Bitcoin’s price has effectively been cut in half after hitting an all-time high of $126,000 U.S. last October.
