Bitcoin (BTC) experienced a drop below $70,000 on April 9 as the initial excitement from the weekly close faded away. The BTC/USD 1-hour chart showed a downward momentum before the Wall Street Open. The price reached a low of $69,635 on Bitstamp, representing a 4.3% decrease from the previous day’s high. The sentiment in the short-term market was uncertain.
Bitcoin ETFs faced difficulties on a “very slow” day. Data from Cointelegraph Markets Pro and TradingView revealed that the United States spot Bitcoin exchange-traded funds (ETFs) received minimal capital, and there was a $300 million outflow from the Grayscale Bitcoin Trust (GBTC), resulting in heavily negative net flows for the day. The net outflows totaled just over $200 million, surprising analysts considering the pump in Bitcoin’s price the previous day.
Despite the negative flow, two of the largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), managed to avoid losses and maintained a consistent inflow.
Market participants had anticipated an improvement in net flows after Genesis, a bankrupt crypto lender, announced the completion of its multibillion-dollar offloading of GBTC shares, which would be used to purchase BTC.
In terms of short-term BTC price action, traders were searching for signs of an upward reversal. Trader Crypto Ed, who initially set a target of $80,000 for the week, now looked at $73,000 as the first level of support for a continuation upwards. Fellow trader Jelle noted that bears were attempting a second push to lower prices, referring to the return to nearly $69,000. Another post maintained a breakout target of $82,000.
However, some traders, such as Credible Crypto, remained cautious and reiterated the theory of a potential BTC price dip to $60,000 or even lower. They stated that they had covered the move up to the current highs and expected a correction to follow.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.