📉💰 After a gruesome start to the week, Bitcoin and select leading altcoins are stabilizing before either breaking out or continuing with the fall. The bellwether cryptocurrency has in the last 24 hours sustained above $63,000, underscoring exhaustion among bears and the unwillingness of whales and retail investors to take an early chance to buy BTC.

🐻💼 The bearish cloud hovering since the weekend has seen Bitcoin price plunge by approximately 14% to trade at $63,326 on Wednesday. Despite the dip, there's resilience among investors, indicating a reluctance to buy the dip just yet.

📉💸 The recent downturn in Bitcoin price has quickly impacted investor sentiment, resulting in a daily total net inflow of $326 million for ETFs. Should the negative forces in the market intensify and Bitcoin price falls below $60,000, the ETFs could face more negative daily total net inflows, further affecting market dynamics.

📈💡 Bitcoin holds above the previous day’s open, with key support at the 200-day Exponential Moving Average (EMA), reinforcing a bullish outlook. However, recovery may not gain momentum quickly with consolidation between $60,000 and $65,000 expected to last longer.

📊🔍 Historically, following a period dominated by shorts, Bitcoin price tends to consolidate or make a drastic recovery. Traders are eyeing the Relative Strength Index (RSI) to validate the potential uptrend as it currently oscillates below the midline in the neutral region.