Bitcoin ( BTC ) reached the $65,500 mark at the start of the trading day on Wall Street on April 15. This came after a weekend dip in BTC price. The market was relatively calm compared to the volatility seen over the weekend when the BTC/USD dropped to around $61,000 due to geopolitical instability in the Middle East. Bitcoin managed to avoid deeper losses that affected altcoins. Traders now face a challenging period as Bitcoin’s block subsidy halving is just days away, which typically leads to unsettled trading conditions. Some traders predict a pump before the halving followed by a dump to shake out weak hands.
Keith Alan, the co-founder of trading resource Material Indicators, pointed to changing exchange order book liquidity conditions and the need for bulls to attract bids closer to the current spot price to overcome overhead resistance above $70,000. CoinGlass data showed that Bitcoin was eating into bid liquidity at and below $66,000. Popular trader Skew emphasized the importance of preserving exponential moving averages (EMAs) on both 4-hour and daily timeframes and the need for Bitcoin’s relative strength index (RSI) to return above the central 50 level.
The approval of spot Bitcoin and Ether ( ETH ) exchange-traded funds (ETFs) in Hong Kong drew attention to their U.S. counterpart. Given the weekend’s drop in price, there were concerns that investors might have a negative impact on the first trading day of the week. ETF inflows have slowed down significantly compared to their peak in recent weeks. The Grayscale Bitcoin Trust (GBTC) only saw a modest outflow of approximately 1,600 BTC ($105 million) on that day. Some traders believe that GBTC flows have become less important as a metric.
Traders are cautiously navigating the market in anticipation of Bitcoin’s block subsidy halving and are closely monitoring geopolitical tensions and the impact of ETF flows. The goal is to establish the next phase for market direction by preserving key technical indicators and attracting bids closer to the current spot price.
With cautious navigation and close monitoring of various factors, traders aim to establish the next direction for the market. Exciting times!
Bitcoin’s block subsidy halving has traders on edge
ETF flows may have slowed down, but it could be a natural correction after a period of peak inflows. Markets need to find balance! ⚖️
The slow inflow of ETFs is not a good sign for Bitcoin’s future 📉💸
BTC managed to avoid deeper losses, showing resilience even in the face of geopolitical instability. Impressive performance! 💪
GBTC flows aren’t important anymore? What does that mean for Bitcoin?
This is just another example of Bitcoin’s volatility
The weekend dip didn’t dampen market sentiment as much as feared. Investors are still optimistic about the potential of Bitcoin.
The Middle East instability really messed with Bitcoin’s price
It’s important to establish the next phase for market direction. Let’s preserve those key technical indicators and attract bids strategically. 📊
CoinGlass data showing Bitcoin eating into bid liquidity is definitely a positive sign. The market seems to have confidence in Bitcoin’s upward potential!
It’s great to see that despite the weekend’s drop in price, the negative impact on the first trading day of the week was minimal. Stable start to the week! 📉