As an experienced analyst, I believe that the recent slide in Bitcoin (BTC) prices is a result of several factors including stubborn trading ranges, problematic macroeconomic data, and weak performance from Bitcoin ETFs. The outflows from Bitcoin ETFs, particularly those in the US, have been significant and have dampened optimism for the start of the week.
Bitcoin (BTC) descended further during the opening hours of Wall Street on April 26, as market patterns that have long been typical continued to deter buyers.
Bitcoin ETFs see “rough day”
As an analyst, I examined the data from CryptoMoon Markets Pro and TradingView and observed that the Bitcoin (BTC) price swung back to previous levels after reaching a peak of $65,300 during the day.
Despite challenging macroeconomic data and disappointing performances from US Bitcoin ETFs, a persistent trading range continued to dominate the market’s dynamics.
The previous day saw over $200 million in redemptions for those investment vehicles, dampening the optimistic beginning we had anticipated for the week.
“Yesterday saw rough going for the Cointucky derby and Bitcoin ETFs according to James Seyffart’s analysis for Bloomberg’s X platform (previously known as Twitter).”
“5 ETFs saw outflows for a total of -$217 million. Franklin was only ETF with an inflow at $1.9 million.”
As a market analyst, I’ve noticed a growing sentiment among certain crypto market participants that the Bitcoin price trend may remain elusive for an extended period amidst the current lackluster market conditions.
Michaël van de Poppe, the founder and CEO of trading firm MNTrading, recently put forth an alternative perspective in his latest analysis. He proposed that altcoins could deviate noticeably from Bitcoin’s price movements to generate long-anticipated profits.
“Bitcoin currently finds itself trapped within a price range. I believe there will be limited activity or significant developments in the next 3 to 6 months. The market may experience a gradual movement sideways, possibly with some resistance along the way.”
“Expecting way more from Altcoins.”
The cryptocurrency market saw Bitcoin holding approximately 55% of the total market capitalization on that particular day. This figure had decreased from its peak of 57%, which was its highest in the past two years, reached on April 13th.
Analyst: Next two weeks classic time for BTC price lows
As Rekt Capital, a well-known Bitcoin trader and analyst, keeps a close eye on the cryptocurrency’s price trends leading up to the block subsidy halving event, he predicts that any substantial price drops may not last beyond the next two weeks.
“Bitcoin has reached the ‘caution area’ or ‘risk period’ following the last halving (referred to as the ‘Post-Halving’ phase), and it’s just about touching the lower boundary of its current price range,” is one possible paraphrase.
“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”
An accompanying chart compared behavior during the 2024 halving to historical norms.
Read More
- CTXC PREDICTION. CTXC cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- GFI PREDICTION. GFI cryptocurrency
- RIF PREDICTION. RIF cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- I’m a Celebrity voting figures revealed after Danny Jones crowned winner
- OKB PREDICTION. OKB cryptocurrency
- WRX/USD
- TRU PREDICTION. TRU cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
2024-04-26 20:35