BTC price battles for $65K as Bitcoin devours new buying power

Bitcoin (BTC) reached a price of $65,500 at the opening of Wall Street on April 15, as traders recovered from the weekend drop in BTC price. The start of the trading week in the United States was relatively calm compared to the weekend’s volatility, where BTC/USD fell to nearly $61,000. This drop was a reaction to geopolitical instability in the Middle East, although Bitcoin fared better than altcoins. Traders now face a challenging period in the short term as Bitcoin’s block subsidy halving is just days away, which typically brings unsettled trading conditions. Keith Alan, co-founder of trading resource Material Indicators, predicts a pump to the halving followed by a dump to shakeout weak hands before the next leg up. He also mentioned that overhead resistance above $70,000 would remain until bulls could attract bids closer to the current spot price. Data from CoinGlass shows Bitcoin eating into bid liquidity below $66,000, while popular trader Skew emphasized the need to preserve exponential moving averages on both 4-hour and daily timeframes and for Bitcoin’s relative strength index to return above the central 50 level. Attention is also on the U.S. Bitcoin and Ether ETFs after Hong Kong approved their spot ETFs. Skew expressed concern that investors might react to the drop over the weekend. However, ETF inflows have slowed down recently, and there was only a modest outflow from the Grayscale Bitcoin Trust on this day. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.