Bitcoin bids accumulate towards $62K, causing a 4% decline in BTC price to reach weekly low.

Bitcoin (BTC) made an attempt to test the $68,000 support level on April 1, triggered by weakness in the Wall Street market. Despite the return of institutional flows, BTC prices suffered a loss of over 4.5% in the start of Q2. The lack of outflows from the Grayscale Bitcoin Trust (GBTC) did not contribute to further upside movement. Popular trader Daan Crypto Trades suggested that the Easter holiday period may have influenced the market. GBTC outflows appeared to be slowing down, with only $104 million leaving on the final trading day of Q1 compared to the record $642 million on March 18. BTC/USD reached its lowest levels since March 25, causing traders to consider a dip below the 200-period moving average on four-hour timeframes. Analysts warned of increased downward pressure in crypto spot markets, with significant interest in selling calls and buying puts in both BTC and ETH. Material Indicators, a trading resource, painted a grim picture for BTC price action, highlighting increasing bid liquidity towards $60,000. Co-founder Keith Alan stated that Bitcoin may pose a problem for institutional buyers due to its price being in relatively uncharted territory. However, he noted that belief in new all-time highs remains strong, as evidenced by an entity placing over $150 million in BTC bids down to $62,000 after a brief dip below $69,000. This article does not provide investment advice and readers should conduct their own research before making any decisions.