Bitcoin (BTC) fell below $70,000 on April 9 as early excitement from the weekly close faded.
Bitcoin ETFs struggle amid “very slow” day
The prices of Bitcoin, as indicated by data from CryptoMoon Markets Pro and TradingView, suggested a growing trend of decline prior to the opening of the Wall Street market.
On Bitstamp, the lowest point of the day was $69,635, which was a 4.3% decrease from the preceding day’s peak. The market’s mood among short-term investors showed signs of uncertainty.
The week’s first Wall Street trading session had broadly disappointed Bitcoin bulls.
On a given day, U.S.-based Bitcoin ETFs attracted minimal investments, while the Grayscale Bitcoin Trust experienced an outflow of approximately $300 million. Consequently, the overall inflow for Bitcoin investment vehicles was significantly negative.
Based on figures from the UK investment firm Farside among others, approximately $200 million left the investment during this period.
“It’s surprising that despite Bitcoin increasing in value the previous day, there were substantial outflows from Bitcoin ETFs. This is one of the largest such occurrences we have seen,” Mark Cullen commented on X (previously known as Twitter).
Despite being the biggest Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), managed to avoid losses and continued to attract new investments, keeping their streak of inflows intact.
After Genesis, the bankrupt crypto lender, sold off billions of dollars’ worth of GBTC shares last week and planned to purchase Bitcoin with the proceeds, market observers anticipated that net inflows would enhance.
“All in all, there was minimal trading activity in ETFs given the market’s price trends, according to WhalePanda’s assessment.”
“Might be profit taking, although EFTs usually are held for long term. US Tax day is the 15th, don’t know how much that might be a factor.”
Traders stick to their BTC price targets
Considering short-term BTC price action, meanwhile, trader looked for signs of a reversal upward.
Crypto trader Ed started the week aiming for a target of $80,000. His initial move for further price increase was set at $73,000.
“Bitcoin reached the peak price of 2021 once more and passed the test, but bears are trying to pull down the price again as it hovers around $69,000,” Jelle commented.
“Time to wait and see what today brings. Once price successfully holds above $71,400, new all-time highs are next.”
A further post maintained a breakout target of $82,000.
Some traders and analysts, including Credible Crypto, expressed caution and advocated for a possible drop in Bitcoin’s price to $60,000 or below based on a previously proposed theory.
“I’ve explained the advance to current highs and anticipated corrective action following, with no new developments.”
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2024-04-09 12:10