Home Coin news Bitcoin Slips 5% to Weekly Low

Bitcoin Slips 5% to Weekly Low

01 Apr, 2024 Coin news

Bitcoin Slips 5% to Weekly Low

On April 1, Bitcoin faced a challenge in maintaining the $68,000 support level as the opening of Wall Street led to a slight downturn.

According to data from TradingView, the beginning of the second quarter was marked by a decline in Bitcoin's price, with losses exceeding 4.5%.

Despite the reappearance of institutional investment flows, there was no significant positive momentum for Bitcoin, as indicated by the stable outflow levels from the Grayscale Bitcoin Trust (GBTC).

Daan Crypto Trades, a noted trader, mentioned that the timing around the Easter holiday could be influencing market movements.

He shared on X, referencing data from the crypto analysis company Arkham, that Grayscale's recent activity primarily involved minor transactions in $ETH and other cryptocurrencies, suggesting the holiday period's impact on market activity.

He anticipates the resumption of typical inflow and outflow patterns starting the following day.

He also observed a slowdown in GBTC outflows, with $104 million leaving on the last trading day of the first quarter, a significant reduction from the record $642 million outflow on March 18.

With BTC/USD reaching its lowest point since March 25, market participants are considering their strategies.

Daan Crypto Trades did not rule out the possibility of Bitcoin falling below the 200-period moving average on the four-hour chart, which stands at $67,330.

Skew, another trader, echoed a cautious stance, suggesting a defensive approach until Bitcoin reclaims the $70,000 mark.

QCP Capital, in its "New York Color" update to Telegram subscribers, mentioned an increase in "downward pressure" across cryptocurrency markets, noting a particular interest in selling calls and buying puts for both Bitcoin and Ethereum.

Material Indicators, a trading analysis firm, and its co-founder Keith Alan, highlighted concerns for Bitcoin's price movement up to the next halving event, based on their analysis of the Binance exchange's order book liquidity.

They noted an increase in bid liquidity closer to the $60,000 level, despite Bitcoin closing seven consecutive monthly greens.

Alan pointed out the challenge for institutional investors as Bitcoin navigates through relatively unknown price territory.

However, post-halving, there remains a strong belief in the potential for new all-time highs.

He mentioned that one entity has prepared by placing over $150 million in Bitcoin bids down to $62,000 following a brief dip below $69,000, showcasing the strategy of dollar-cost averaging from this range in anticipation of new peaks post-halving.

This strategy highlights the uncertainty among institutional investors about the precise future price levels, yet it also shows a strong conviction in the market's upward trajectory following the halving.

Sources:

https://cointelegraph.com/news/btc-price-slips-weekly-low-bitcoin-bids-62k

https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE

https://farside.co.uk/?p=997

https://twitter.com/DaanCrypto/status/1774803521704956195

https://twitter.com/52kskew/status/1774825285067915469

https://twitter.com/MI_Algos/status/1774831811794760095/photo/1

https://twitter.com/KAProductions/status/1774806336879853884

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