Bitcoin Traders Ignore Silk Road Selloff As BTC Price Rises To $66.5K
Bitcoin (BTC) bounced back above $66,000 on April 3 as market watchers called off the Silk Road BTC selloff.
BTC price claws to April's lost ground
Data from Cointelegraph Markets Pro and TradingView tracked BTC's recovery from a low of around $64,500 after the daily close.
These include news that the United States government has moved more than 30,000 BTC ($2.1 billion) from the Silk Road marketplace, and then sold 2,000 BTC ($133 million).
While this appears to rattle an already jittery market, traders are calling for calm.
“In every market, we have a brutal and embarrassing narrative,” Michael van de Pop, founder and CEO of trading firm MNTrading, wrote in part in his response to X.
“At a high rate of bullying, you see the impact of each depression narrative. At this time, the Silk Road to be transferred is Bitcoin.”
Van de Pop added that he was “delighted” that more BTC supply was now available.
Others emphasized that the money sold was worthless.
On the buying side, the latest data from sources including UK-based investment firm Farside put the total inflows of US-based Bitcoin exchange-traded funds (ETFs) as of April 2 at just over $40 million.
Combined with the $183 million seen on March 28, the previous Wall Street trading day's positive net inflows easily dwarfed the total government sale.
Bitcoin “needs tracking from buyers”
In his latest market update, meanwhile, popular trader Skew hopes to see spot buyers maintain momentum.
RELATED: Bitcoin Reboots Bull Market As BTC Price Gauges Surpass 7% In April
“Good downforce and good rebound response. Need to watch from buyers now,” he told X followers about BTC/USD on four-hour timeframes.
More optimistic was fellow trader Gel, who emphasized that Bitcoin bulls have already cleared the most important long-term resistance barriers.
“Corrections are common; they happen. You see them happen in all market conditions, independent of any narrative,” Van de Pop continued the day before.
“In this case, I like a correction in Bitcoin as it indicates a healthy and organic market cycle. Dips are to buy in these markets.
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.
