Bitcoin Whale ‘Buy Dip’ Post-CPI As BTC Price Gains 3.6%
Bitcoin (BTC) rose to $69,000 on April 10 as whales “buyed the dip” on fresh US macro data.
Whales vote with their wallets on hot CPI
Data from Cointelegraph Markets Pro and TradingView show BTC's price recovery is taking shape after Bitstamp's low of $67,482.
These followed the publication of the US Consumer Price Index (CPI) in March, which rose by 3.5% year-on-year.
Earlier, market watchers had seen deliberate posting by whales, with analysis suggesting that the CPI event was helping to lower prices to buy.
This has finally come true, with material indicators of trading inputs holding a buy on the largest global exchange, Binance.
“FireCharts binned CVD shows that purple whales have bought the BTC dip,” he confirmed in part in a post on X (formerly Twitter), citing one of the proprietary trading indicators.
BTC/USD thus rounded its daily opening level around $69,100.
“And just like that, Bitcoin is back above $69,000, and the daily candle is green again,” noted trader Jelle continued in part of his response.
Affiliate trader Daan Crypto Trades said the dip below $68,000 closed a new “gap” on CME Bitcoin futures markets thanks to the weekend's after-hours volatility.
Bitcoin ETFs cling to unbroken income streams.
U.S. spot bitcoin exchange-traded funds (ETFs) continue their slow path.
RELATED: Bitcoin RSI As Metric Signals BTC Price Is Pointing To High Short-Term Gains
The two largest commodities managed by BlackRock and Fidelity Investments saw modest earnings on April 9, avoiding a “red” day to continue their unbroken green streak, sources including the UK-based investment firm confirmed. Farside.
In total, however, on April 9, a total of $18.6 million was withdrawn due to the influence of The Grayscale Bitcoin Trust (GBTC), which invested $155 million.
GBTC, meanwhile, saw a rise to around 2,600 BTC ($180 million) on April 10, according to the latest data from crypto data firm Arkham shared by Daan Crypto Trades on X.
As Cointelegraph reports, Hong Kong is currently fast-tracking their approval process and plans to allow Bitcoin ETFs space.
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.
