Bitcoin Surges Over Weekend, Optimism Builds Among Traders
Summary:
Bitcoin (BTC) saw an unusual surge over the weekend, pushing its price above $69,000. The surge sparked hopes among traders for a strong continuation into the new week. The region slightly above $69,000 where BTC/USD was trading at the time was considered crucial for the bullish momentum. The unfolding bullish trend coincides with a rebound in net inflows among US Bitcoin ETFs and other positive institutional indicators.
Heading into the weekly close on April 7, Bitcoin (BTC) surged higher following an unusual weekend Bitcoin price movement that favored bull traders. Charts and data sourced from TradingView and Cointelegraph Markets Pro suggested an abrupt rise above $69,000 over the weekend, with Bitcoin reaching local peaks of $69,781 on Bitstamp.
As the trading day came close to an end, traders drew parallels with past weekends, expressing hopes that the price increase would persist into the following week. Respected trader Daan Crypto Trades informed his followers on the X platform (previously Twitter) that the weekend had witnessed a more buoyant price movement than usual instead of the same level hovering around. He compared this kind of price behavior to the initial push towards $70,000+, linked with a quick wick after futures re-open, followed by an increase.
Michaël van de Poppe, the founder and CEO of trading firm MNTrading, considered the region slightly above $69,000, where BTC/USD was trading at the time, to be "critical". He predicted a strong continuation towards the pre-halving all-time highs if this region could be breached. However, his chart also highlighted a persistent bearish divergence, suggesting a higher likelihood of BTC price being rejected at $72,000.
Simultaneously, Rekt Capital, another well-known trader and analyst, concurred that the BTC/USD pair had potential for a solid weekly close, posing the question whether it could maintain above ~$69,000 until the week's conclusion.
With Bitcoin nearing new peaks for April, anticipation was growing about the potential impact of continuing institutional inflows. Last week, the US Bitcoin ETFs had set the mood with a recovery in net inflows, as well as the news that bankrupt crypto lending company Genesis concluded selling billions of dollars in shares of the Grayscale Bitcoin Trust (GBTC).
Leading international asset manager BlackRock, one of the ETF providers, announced that it included several leading US banks as “authorized participants”. According to the most recent data, including UK-based investment firm Farside, net ETF inflows on April 5 were slightly over $200 million, accumulating to around $570 million over the week.
This article does not offer investment guidance or suggestions. All investment and trading maneuvers carry risk, and readers are urged to carry out their own investigation prior to making any decisions.
Published At
4/7/2024 5:07:20 PM
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