Bitcoin (BTC) remained indecisive following the opening of Wall Street on April 9, as there were concerns that macro data could lead to a further decline in BTC price.
BTC/USD dipped below $69,000 as Wall Street resumed, but bulls lacked the momentum to regain ground towards the current all-time high of $73,800. Material Indicators, an analysis resource, drew attention to whales attempting to lower the price in order to enter new long positions. They highlighted the United States Consumer Price Index (CPI) print, scheduled for release on April 10, as a potential catalyst for this behavior.
A chart displayed the nearest strong bid liquidity wall at $66,500 on Binance, the largest global exchange. Rekt Capital, another popular trader, noted that Bitcoin was currently being rejected from the blue Range High at $71,300, as he examined the weekly chart.
Meanwhile, there continued to be pressure among spot Bitcoin exchange-traded funds (ETFs). On April 9, there was a net outflow of $200 million, primarily driven by a large outflow from the Grayscale Bitcoin Trust (GBTC). Preliminary data for April 10 showed that these GBTC outflows were only increasing, with crypto intelligence firm Arkham reporting around 6,200 BTC ($434 million) – the highest amount in several weeks.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.