Bitcoin Bounces Back to $69,000 as Whales Capitalize on US Economic Data Dip
Summary:
Bitcoin (BTC) made a comeback to $69,000 on April 10, as large-scale investors or 'whales' capitalized on lower prices following the release of new US economic data. The surge happened post a dip that was ostensibly orchestrated by these whales to buy BTC at a lower rate. Additionally, BlackRock and Fidelity Investments continue to see a steady advance in their Bitcoin exchange-traded funds (ETFs). Meanwhile, the Grayscale Bitcoin Trust registered significant outflows. The article notes that potential investors should conduct their own research, given the inherent risk involved in these investments.
On April 10, Bitcoin (BTC) surged back to $69,000, propelled by high-net-worth investors taking advantage of low prices following the release of new US macroeconomic indicators. Information from Cointelegraph Markets Pro and TradingView revealed a resurgence in BTC prices after hitting the recent low of $67,482 on Bitstamp. This downturn synchronized with the disclosure of the U.S. Consumer Price Index (CPI) figures for March, slightly exceeding forecasted rates at 3.5% year-on-year.
Prior to this, market spectators noticed conscientious manoeuvres by large-scale BTC holders, reputedly orchestrating a price drop to purchase more following the CPI reveal. As anticipated, this scenario unfolded, with trading consultant, Material Indicators observing amplified acquisition activities on the giant international exchange Binance.
Material Indicators confirmed this via its post on X (formerly Twitter), establishing BTC/USD had rebounded roughly to its daily start level, tracking close to $69,100 at the time of documentation. Commending on this, renowned trader Jelle asserted, Bitcoin's price is once again topping $69,000, turning the daily trading bar chart green. Additionally, Daan Crypto Trades, another seasoned trader, remarked the BTC price tumble beneath $68,000 filled a fresh 'gap' in the CME Bitcoin futures markets, a void emerging over the weekend owing to off-hour price swings.
The slow but steady advance of the two largest U.S. spot Bitcoin exchange-traded funds (ETFs) offered by BlackRock and Fidelity Investments continued. Both registered minor gain on April 9, evading a net outflow to maintain a consistent rise, as data from UK investment company Farside and other sources confirmed.
Despite this, April 9 recorded an overall outflow of $18.6 million, a fall triggered by The Grayscale Bitcoin Trust (GBTC)'s loss of $155 million. Furthermore, GBTC experienced outflows of approximately 2,600 BTC (roughly $180 million) on April 10, as per most recent data from Arkham, a crypto analytics platform, posted on X by Daan Crypto Trades.
As previously reported by Cointelegraph, Hong Kong is set to accredit spot Bitcoin ETFs, facilitating their approval process. This article does not offer investment advice or endorse any trading movements. Every financial commitment carries risks and readers should perform thorough research prior to making decisions.
Published At
4/10/2024 9:16:31 PM
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