Originally published on: April 07, 2024
Bitcoin soared above $69,000 over the weekend, surprising traders with uncharacteristic price action that favored bullish momentum. The cryptocurrency hit local highs of $69,781 on Bitstamp, propelling it towards $70,000 as the week drew to a close.
Traders eagerly awaited the weekly close, anticipating a continuation of the upward trend into the new week. Popular trader Daan Crypto Trades noted the atypical behavior of Bitcoin over the weekend, stating that the price had steadily climbed instead of stagnating.
Founder and CEO of trading firm MNTrading, Michaël van de Poppe emphasized the significance of the price level just above $69,000. Analysts predicted a potential surge towards all-time highs if this level was breached, although there were cautionary signs of a bearish divergence that could lead to a rejection at $72,000.
Rekt Capital, another well-known trader and analyst, shared optimism about Bitcoin’s prospects for a bullish weekly close, highlighting the cryptocurrency’s resilience and strength in the market.
Aside from technical indicators, investors were also optimistic about institutional inflows into Bitcoin. Recent data showed a rebound in net flows among U.S. spot Bitcoin exchange-traded funds, signaling growing interest from institutional players. Additionally, major asset manager BlackRock’s involvement with ETF operators and big-name U.S. banks added to the positive sentiment towards Bitcoin.
With significant inflows into Bitcoin ETFs and growing institutional participation, the cryptocurrency market continued to show signs of bullish momentum. As Bitcoin approached new highs in April, investors remained hopeful about its long-term prospects.
It’s important to note that this article does not provide investment advice. Investors are encouraged to conduct their own research and analysis before making any trading decisions. For more insights and market updates, subscribe to the Markets Outlook newsletter to stay informed about the latest trends and opportunities in the cryptocurrency market.
