Whales ‘exert pressure’ on BTC price, as Bitcoin analysis focuses on CPI and a drop below $69K.

Bitcoin (BTC) remained undecided after the opening of Wall Street on April 9, as concerns grew that macro data could lead to further price declines. BTC/USD dipped below $69,000 as Wall Street returned, but bulls struggled to regain momentum and reach new all-time highs of $73,800. Analysis of the order book data revealed that whales were attempting to push prices lower in order to enter new long positions ahead of the United States Consumer Price Index (CPI) release on April 10. This behavior has been observed before economic reports in the past. The nearest significant bid liquidity wall was identified at $66,500 on Binance, the largest global exchange. Meanwhile, there was continued pressure on spot Bitcoin exchange-traded funds (ETFs), with a net outflow of $200 million on April 9, primarily due to a large outflow from the Grayscale Bitcoin Trust (GBTC). Preliminary data for April 10 indicated that these outflows were accelerating, with around 6,200 BTC ($434 million) being withdrawn from GBTC.