Bitcoin (BTC) headed higher towards the week’s close on April 7th as BTC’s unusual price action over the weekend boosted the bull market.
BTC price reflects initial price up to $70,000
Cointelegraph Markets Pro and TradingView showed a sudden move above $69,000 over the weekend, with Bitcoin hitting a local high of $69,781 on Bitstamp.
With the market’s close just hours away, traders were evoking a similar weekend scenario and hoping the bull market would continue into next week.
“It’s different from a normal weekend because the price almost went up instead of staying at the same level all weekend,” said Daan Crypto Trades, a popular trader. Said Followers of X (formerly Twitter).
“We’ve seen this kind of price action several times when it first moved above 70,000. After futures reopened, it would often rise quickly and then go back only up.”
For Michael van de Poppe, founder and CEO of trading company MNTrading, the area just above $69,000, where BTC/USD is hovering at the time of writing, is “extremely dangerous.” It was important.
“If we break through this, we will likely see a strong continuation towards all-time highs before the halving.” (Part of the X analysis) read On that day.
Nevertheless, the attached chart points out the continued presence of a bearish divergence, increasing the likelihood of BTC price being rejected at $72,000.
Meanwhile, popular trader and analyst Recto Capital updated his view on BTC/USD, agreeing that BTC/USD could end the week on a strong note.
“BTC is currently well positioned for a bullish weekly candle close,” he said. summarized.
“Can it sustain ~$69,000 or more until the weekly close?”
Bitcoin ETF enhances returns on net inflows
Optimism was also noted regarding how institutional inflows will shape up going forward, as Bitcoin approaches new April highs.
Related article: Bears lose BTC price influence as Bitcoin absorbs $100M+ ‘sell-side day’
Last week, with the news that bankrupt crypto financial company Genesis had completed the sale of billions of dollars worth of shares in the Grayscale Bitcoin Trust (GBTC), the net Flow’s recovery set the tone. ).
At the same time, one of the ETF operators, BlackRock, the world’s largest asset management company, announced that it had added various major US banks as “authorized participants.”
According to the latest data, including data from UK-based investment firms. the other sideApril 5th ended with just over $200 million in net ETF inflows, bringing the week’s total to about $570 million.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
