Bitcoin ( BTC-USD ) saw some buying pressure in Monday mid-afternoon trading, extending a modest rally that started at the beginning of this past weekend. In the wake of a broader risk-on day, cryptocurrency-exposed stocks gained some ground, too. After suffering a notable drop last week on liquidity concerns, bitcoin ( BTC-USD ) bounced 2% to $27.46K at 2:50 p.m. ET, trading at the lower end of the $27K-$30K range that's persisted since mid-March. Ethereum ( ETH-USD ) also perked up 1.6% to $1.83K. For the week ended May 12, digital asset investment products experienced a capital flight totaling $54M, marking the fourth straight week of outflows, according to a report by CoinShares issued on Monday. Some 80% of the outflows came from bitcoin ( BTC-USD ) funds. Woes in the banking system, a looming economic downturn and higher BTC network congestion are some of the factors weighing on the price of bitcoin ( BTC-USD ). While the digital token has gained over 60% since the start of 2023, it's been struggling for about a month to break out of the $30K psychological resistance level. For a purely technical perspective on BTC, Seeking Alpha contributor Muhammad Umair pointed out Friday that the Relative Strength Index was "in the overbought territory and the emergence of a head and shoulders pattern on the daily chart point towards a potential downward momentum." Crypto-related stocks changed hands mostly higher at the time of writing, including Bit Digital ( NASDAQ: BTBT ) +11.1% , Bitfarms ( NASDAQ: BITF ) +11.2% , Hut 8 Mining ( NASDAQ: HUT ) +7.8% , CleanSpark ( NASDAQ: CLSK ) +6.9% and Coinbase Global ( NASDAQ: COIN ) +4.9% . More on the Crypto Market Centralized crypto exchanges' trading volume plunges 40% in April, data show Why Buffett Never Bought Bitcoin: Fundamental Value For Cryptocurrency Ethereum: The Frog Meme Moment
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