Bitcoin (BTC) experienced a surge in price over the weekend, leading to bullish sentiment among traders as the cryptocurrency headed towards the April 7 weekly close. The sudden move above $69,000 resulted in Bitcoin reaching local highs of $69,781 on Bitstamp. Traders are hopeful that this upward momentum will continue into the new week, as the price has been steadily increasing over the weekend instead of remaining stagnant. Michaël van de Poppe, founder and CEO of trading firm MNTrading, believes that the area just above $69,000 is crucial, and a break above this level could lead to a strong continuation towards the all-time highs. However, there is a bearish divergence present, which increases the likelihood of a price rejection at $72,000. Despite this, popular trader and analyst Rekt Capital agrees that Bitcoin is well-positioned for a bullish weekly candle close.
Institutional inflows are also contributing to the positive sentiment surrounding Bitcoin. Last week, there was a rebound in net flows among US spot Bitcoin exchange-traded funds (ETFs), signaling a renewed interest from institutional investors. Additionally, Genesis, a bankrupt crypto lending firm, completed the sale of billions of dollars’ worth of shares in the Grayscale Bitcoin Trust (GBTC). BlackRock, the largest global asset manager and an ETF operator, added several major US banks as authorized participants. Data from investment firm Farside shows that April 5 saw net ETF inflows of over $200 million, bringing the total for the week to around $570 million.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and consider the risks involved before making any investment or trading decisions.