Bitcoin (BTC) remained uncertain following the opening of Wall Street on April 9, as experts warned that macro data could lead to further price declines. The BTC/USD pair dropped below $69,000, but bulls struggled to regain momentum and reach new all-time highs of $73,800. Analysts noted that whales in the market were trying to push prices lower in order to enter new long positions ahead of the release of the United States Consumer Price Index (CPI) on April 10. This behavior has been observed frequently around economic reports. The order book data showed a significant bid liquidity wall at $66,500 on Binance. On the other hand, pressure continued among spot Bitcoin exchange-traded funds (ETFs), with a net outflow of $200 million on April 9, primarily driven by the Grayscale Bitcoin Trust (GBTC). Preliminary data for April 10 indicated that GBTC outflows were accelerating, with around 6,200 BTC ($434 million) leaving the trust. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin price drops below $69K as whales exert pressure, prompting scrutiny of CPI analysis