Bitcoin price tumbles by 4% to reach a weekly low as bids for BTC accumulate, aiming for $62K.

Bitcoin (BTC) made an attempt to test the support level at $68,000 on April 1 as weakness emerged with the opening of the Wall Street market. BTC/USD experienced a loss of over 4.5% in the start of Q2, despite the return of institutional flows and no outflows from the Grayscale Bitcoin Trust (GBTC). The popular trader Daan Crypto Trades suggested that the Easter holiday period may have contributed to this situation. GBTC outflows have been slowing down, with only $104 million leaving on the final trading day of Q1 compared to the record $642 million on March 18. BTC/USD is currently at its lowest level since March 25, causing traders to consider a possible dip below the 200-period moving average on four-hour timeframes, which is currently at $67,330. Fellow trader Skew added that the price needs to be back above $70,000 for a more positive outlook. QCP Capital, a trading firm, warned of increased downward pressure in crypto spot markets. Material Indicators, a trading resource, analyzed the exchange order book liquidity on Binance and painted a bleak picture for BTC price action leading up to the upcoming block subsidy halving. The firm highlighted increasing bid liquidity towards $60,000. However, they also noted that despite the uncertainty surrounding Bitcoin’s price, there is still belief in new all-time highs after the halving.