Bitcoin (BTC) experienced a surge in price leading up to the April 7 weekly close, thanks to unusual weekend price action that favored the bulls. Bitcoin reached a local high of $69,781 on Bitstamp, and traders were hopeful that this upward trend would continue into the new week.
Popular trader Daan Crypto Trades noted that the price of Bitcoin had been steadily rising over the weekend, which is atypical behavior. This gave traders reason to believe that the momentum would carry over into the following week.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, emphasized the significance of the price level just above $69,000. He stated that if this level was broken, Bitcoin would likely continue its strong upward movement, potentially reaching its all-time high before the halving.
However, there is a bearish divergence that could lead to a rejection of Bitcoin’s price at $72,000, as noted by Van de Poppe’s accompanying chart.
Rekt Capital, a popular trader and analyst, agreed that Bitcoin had the potential for a strong finish to the week. He summarized that Bitcoin was well-positioned for a bullish weekly candle close.
Institutional inflows also contributed to the optimistic outlook for Bitcoin. The rebound in net flows among US spot Bitcoin exchange-traded funds (ETFs) and the news of Genesis completing the sale of billions of dollars’ worth of shares in the Grayscale Bitcoin Trust (GBTC) indicated positive institutional interest. BlackRock, the largest global asset manager and one of the ETF operators, added several major US banks as “authorized participants.”
According to data from Farside, April 5 saw net ETF inflows of just over $200 million, with the total for the week reaching around $570 million.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investments and trading.