BTC price battles for $65K as Bitcoin devours new buying power

Bitcoin (BTC) reached $65,500 at the opening of Wall Street on April 15, as traders recuperated from the weekend price drop. The BTC/USD 1-hour chart showed a relatively calm start to the trading week compared to the volatility over the weekend when the price dropped to around $61,000. This dip was a reaction to geopolitical instability in the Middle East, but Bitcoin managed to avoid significant losses compared to altcoins. Traders now face a challenging period in the short term as the block subsidy halving approaches. Keith Alan, co-founder of trading resource Material Indicators, predicted a pump before the halving followed by a dump to shake out weak hands. He also noted that overhead resistance above $70,000 would persist until bulls attracted bids closer to the current spot price. Data from CoinGlass indicated that Bitcoin was consuming bid liquidity at and below $66,000. Traders emphasized the need to preserve exponential moving averages and for Bitcoin’s relative strength index to return above the central 50 level. Meanwhile, with Hong Kong approving spot Bitcoin and Ether exchange-traded funds (ETFs), attention has turned to the U.S. counterpart. Traders were concerned that the weekend drop might result in investors pulling out of the market on the first trading day of the week. ETF inflows have significantly slowed down, and there was only a modest outflow from the Grayscale Bitcoin Trust. However, the importance of GBTC flows as a metric has diminished. This article does not provide investment advice, and readers should conduct their own research before making any decisions.