On April 25, Bitcoin (BTC) experienced a price decrease due to a sudden response from investors following recent geopolitical announcements. This reaction caused Bitcoin’s value to drop by approximately 5%.
BTC price stays sensitive to Middle East
Based on the data from CryptoMoon Markets Pro and TradingView, it appears that the price of Bitcoin was making an effort to establish a support level around $64,000 before the stock market opened on Wall Street.
After a drop to $63,575 near the end of the previous day due to renewed tension in the Middle East, this occurred.
Based on current data from CoinGlass’s tracking, there was an enhancement in liquidity for both buyers and sellers on crypto trading platforms, as evidenced by the day’s figures.
Significantly, a substantial cloud of ask bids emerged, starting at approximately $75 million at $64,765 and peaking at $67,700.
To the downside, there was comparatively modest bid interest focused on $63,500 — the local low.
Bitcoins recent price drop filled one of the two empty spaces (gaps) in the Chicago Mercantile Exchange (CME) Group’s Bitcoin futures prices.
According to well-known cryptocurrency trader Daan Crypto Trades, the present condition of funding rates is robust and serving as a foundation for a gradual and continuous Bitcoin price upturn in the near future.
“Maintain this state while we crush it further, and we’ll have a strong foundation for future growth. I don’t want to witness long positions jumping back in during the next promising green price surge.”
In their most recent “New York Color” reports, which were shared with Telegram subscribers on the 24th of April, QCP Capital disclosed a change in cryptocurrency market sentiment observable on shorter time frames.
In simpler terms, the market believes that any price increase will be limited in the near future, and the current price level is likely to hold steady.
Bitcoin ETF flows tread water
During this time, there were more withdrawals than deposits in US-based Bitcoin ETFs on April 24th.
The majority of these movements can be attributed to withdrawals from the Grayscale Bitcoin Trust (GBTC), according to information from sources such as Farside, a UK-based investment firm.
It’s uncommon, according to CryptoMoon’s report, that BlackRock’s largest ETF didn’t receive any new investments.
Starting from April 30, Spot Bitcoin ETFs will be available for trading in Hong Kong, representing a significant milestone in the growing institutional acceptance of Bitcoin.
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2024-04-25 10:51