William Suberg9 hours agoBitcoin bulls nudge at $70K as BTC price sees "not typical" weekendBitcoin is "well positioned" for a strong weekly close, but not everyone is trusting of traditionally unreliable weekend BTC price action.9123 Total views12 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) headed higher into the April 7 weekly close as uncharacteristic weekend BTC price action boosted bulls.BTC/USD 1-hour chart. Source: TradingViewBTC price echoes initial run to $70,000
Data from Cointelegraph Markets Pro and TradingView showed a sudden move above $69,000 during the weekend, with Bitcoin hitting local highs of $69,781 on Bitstamp.
With the close now just hours away, traders evoked similar weekend scenarios, hoping that upside would continue into the new week.
“Not your typical weekend, as price has mostly grinded up the entire weekend instead of just hovering at the same level,” popular trader Daan Crypto Trades told followers on X (formerly Twitter).“We"ve seen this kind of price action a few times during our initial move to 70K+. Often saw a quick wick after futures re-open, back into up only.”BTC/USD chart. Source: Daan Crypto Trades/X
For Michaël van de Poppe, founder and CEO of trading firm MNTrading, the area immediately above $69,000, in which BTC/USD was acting at the time of writing, was “crucial.”
“If this breaks, we"ll likely see a strong continuation towards the all-time highs pre-halving,” part of X analysis read on the day.
An accompanying chart nonetheless noted the ongoing existence of a bearish divergence, heightening the odds of a BTC price rejection at $72,000.BTC/USD chart. Source: Michaël van de Poppe/X
Updating his BTC/USD view, popular trader and analyst Rekt Capital meanwhile agreed that the pair was capable of a strong finish to the week.
"BTC is now well-positioned for a bullish Weekly Candle Close," he summarized."Can it hold above ~$69,000 until the Weekly Close is in?"Bitcoin ETFs consolidate return to net inflows
With Bitcoin approaching new April highs, optimism also focused on how institutional inflows might shape up going forward.
Related: Bitcoin absorbs $100M+ ‘sell-side days’ as bears lose BTC price clout
A rebound in net flows among the United States spot Bitcoin exchange-traded funds (ETFs) last week had set tone, along with news that bankrupt crypto lending firm Genesis had finished selling billions of dollars’ worth of shares in the Grayscale Bitcoin Trust (GBTC).
At the same time, largest global asset manager BlackRock, one of the ETF operators, revealed that it had added various big name U.S. banks as “authorized participants.”
Per the latest data, including from United Kingdom-based investment firm Farside, April 5 ended in net ETF inflows of just over $200 million, with the week’s total at around $570 million.Bitcoin ETF flows (screenshot). Source: Farside
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reactionRead moreBitcoin"s halving won"t see a 600% return this year — so adjust your strategyBitcoin halving will have to battle with ‘weak time of year’ — CoinbaseBitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst