Tuesday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

09 April 2024

Bitcoin (BTC) witnessed a downward trend, dipping below $70,000 on April 9, signaling uncertainty in the market following lackluster Bitcoin ETF inflows.

BTC price experienced a 4.3% decline from the previous day’s local high, reaching lows of $69,635 on Bitstamp.

The weak sentiment was further reflected in the disappointing performance of the United States spot Bitcoin exchange-traded funds (ETFs), with a net outflow of over $200 million recorded, including a $300 million outflow from the Grayscale Bitcoin Trust (GBTC).

Despite the overall negative flows, major ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) managed to maintain inflows, indicating some resilience in the market.

Traders expressed mixed sentiments regarding short-term BTC price action. While some, like trader Crypto Ed, targeted $73,000 for upward continuation, others, including trader and chartist Credible Crypto, remained cautious, predicting a potential dip to $60,000 or lower.

As market participants navigate through these uncertainties, all eyes are on the $69,000 support level to gauge Bitcoin’s next move.