Bitcoin (BTC) reached $65,500 at the opening of Wall Street on April 15th as traders recovered from the weekend’s price drop. The BTC/USD 1-hour chart showed a relatively calm start to the trading week in the United States, in contrast to the volatility over the weekend when BTC/USD dropped to nearly $61,000. This drop was a reaction to geopolitical instability in the Middle East, but Bitcoin fared better than altcoins. Traders now face a challenging period in the short term as Bitcoin’s block subsidy halving approaches. Keith Alan, co-founder of trading resource Material Indicators, suggested that overhead resistance above $70,000 would remain until bulls could attract bids closer to the current spot price. Data from CoinGlass showed Bitcoin eating into bid liquidity at and below $66,000. Traders emphasized the need to preserve exponential moving averages (EMAs) and for Bitcoin’s relative strength index (RSI) to return above the central 50 level. Meanwhile, attention turned to the approval of spot Bitcoin and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong, raising questions about their U.S. counterpart. There was concern that investors might react to the weekend’s drop by withdrawing from ETF markets. The day saw only a modest outflow from the Grayscale Bitcoin Trust (GBTC). However, popular trader Daan Crypto Trades suggested that GBTC flows had become less important as a metric. This article does not provide investment advice and readers should conduct their own research before making decisions.
BTC price battles for $65K as Bitcoin devours new demand liquidity