As reported by Farside Investors, weekly data up to April 4th revealed the following.
- The Wisdomtree Bitcoin Fund (BTCW) experienced a net outflow of $44.6 million.
- The ISHARES Bitcoin Trust (IBIT) reported a net outflow of $35.5 million.
- The Bitwise Bitcoin ETF (BITB) noted a net outflow of $24.1 million.
- The ARK 21Shares Bitcoin ETF (ARKB) had a net inflow of $22.2 million.
Simultaneously, the Grayscale Bitcoin Mini Trust (BTC), the Fidelity Wise Origin Bitcoin Fund (FBTC), and the Franklin Bitcoin ETF (EZBC) showed net inflows. The US BTC Spot ETF market has recorded a cumulative net outflow of $165 million, concluding its two-week streak of inflows. This change in flow has pressured BTC, causing it to fall below $85,000 for the third consecutive session.
BTC price outlook: Key influencers
The recent outlook for BTC is influenced by several significant factors, including trade developments, macroeconomic indicators, progress in the Bitcoin Act, and ETF inflows.
- Optimistic scenario: Improvement in global trade conflicts, US inflation trends, advancements in Bitcoin legislation, and positive ETF inflows could propel BTC to a record peak of 109,312.
- Pessimistic scenario: Delays in the bill, intensification of global trade issues, rising US inflation, and ongoing ETF outflows could push BTC down to the $70,000 mark.
For more in-depth analysis of macroeconomic data, regulatory developments, and ETF market movements, explore our insights to effectively manage your crypto risks.
Technical Analysis
Bitcoin analysis
Despite gains this week, BTC is still in a bearish technical formation, trading below the 50 and 200-day exponential moving averages (EMA). These metrics are signaling negative price trends.
A rise above the 200-day EMA and a resistance level of $86,263 might indicate a potential upward shift towards the 50-day EMA. A significant breakthrough past the 50-day EMA could target a resistance level of $90,742.
Conversely, dropping below $80k may lead to revisiting its March 11 low at $76,642. Further declines could test a support threshold of $73,641.
With a 14-day relative strength index (RSI) value of 45.86, there is potential for BTC to drop towards its March 11 low of $76,642 before entering an oversold condition (below RSI 30).
