Bitcoin Bulls Shake at $70K as BTC Price Looks ‘Atypical’ Weekend
Bitcoin (BTC) rose to the weekly close of April 7 as an uncharacteristic weekend BTC price action boosted bulls.
The price of BTC echoes the first run to 70,000 dollars
Data from Cointelegraph Markets Pro and TradingView showed a sudden move above $69,000 over the weekend, with Bitcoin hitting a domestic high of $69,781 on Bistamp.
A few hours before the close, traders raised similar weekend conditions, hoping to carry on into the new week.
“It's not your typical weekend, the price went up all weekend instead of hovering at the same level,” popular trader Dan CryptoTrades told his followers on X (formerly Twitter).
We've seen this kind of price action a few times on our first trip to 70K+. Many times I saw a quick wick after the future reopened, only up.
For Michael van de Pop, founder and CEO of MNTrading trading firm, the spot immediately above $69,000 and where BTC/USD was operating at the time of writing was “crucial.”
“If this breaks, we will see a strong continuation to the all-time highs that were reached before the break,” said X's analysis section for the day.
The accompanying chart, however, suggests a bearish divergence, raising the possibility of BTC price rejection at $72,000.
Updating his BTC/USD outlook, prominent trader and analyst Rect Capital agreed that the pair could end the week strong.
“BTC is now well positioned for a bullish weekly candle close,” he concluded.
“Can it hold above ~$69,000 until the weekly close comes in?”
Bitcoin ETFs reinforce returns to net income.
As Bitcoin nears new April highs, optimism will focus on how institutional flows may develop in the future.
RELATED: Bitcoin Takes $100M+ ‘Sell-Side Days' As Bears Lose BTC Price
Net flows among U.S.-based Bitcoin exchange-traded funds (ETFs) set the tone last week, with news that bankrupt crypto-lending firm Genesis completed a multibillion-dollar sale of Grayscale Bitcoin Trust (GBTC). ).
At the same time, BlackRock, the largest global asset manager, one of the ETF operators, said it had added several big-name US banks as “authorized participants”.
Including U.K.-based investment firm Farside, April 5 ended with net outflows of more than $200 million to ETFs, according to the latest data, for a week total of $570 million.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
