Bitcoin (BTC) experienced an unusual surge in price during the weekend, leading to bullish sentiment among traders as the weekly close approached. The price of BTC rose above $69,000, reaching local highs of $69,781 on Bitstamp. Traders were hopeful that this upward momentum would continue into the new week. Popular trader Daan Crypto Trades noted that the price had been steadily increasing over the weekend, which was not typical. Trading firm MNTrading’s founder, Michaël van de Poppe, considered the area just above $69,000 crucial, stating that a break above it could lead to a strong continuation towards the all-time highs. However, a bearish divergence on the chart raised the possibility of a price rejection at $72,000. Another popular trader, Rekt Capital, agreed that BTC/USD had the potential for a strong finish to the week and a bullish weekly candle close.
The focus also shifted to institutional inflows and Bitcoin exchange-traded funds (ETFs). The rebound in net flows among US spot Bitcoin ETFs and the completion of the sale of billions of dollars’ worth of shares in the Grayscale Bitcoin Trust by bankrupt crypto lending firm Genesis set an optimistic tone. Additionally, BlackRock, the largest global asset manager and an ETF operator, added various major US banks as “authorized participants.” Data from investment firm Farside showed that April 5 saw net ETF inflows of just over $200 million, with the total for the week at around $570 million.
It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.