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On Monday, the world’s largest cryptocurrency Bitcoin made a strong move to $72,000 attempting a new all-time before the Bitcoin halving event. Interestingly, on the other hand, the Bitcoin ETF market turned negative with outflows to the tune of $200 million. The BTC price continues to hold firmly above $71,000 as of now.
Bitcoin ETH Flows Turn Negative
After registering $485 million of inflows during the last week, the Bitcoin ETF market has registered net outflows once again. On Monday, April 8, the total outflows from the newly launched spot Bitcoin ETFs were $223 million, as per data from Farside Investors.
As usual, the Grayscale Bitcoin ETF was the major show spoiler with outflows surging past $300 million. On the other hand, the inflows have also dried up considerably with BITB recording the most at $40 million. It seems that investors are taking a cautious stand ahead of the March CPI data release.
Halving and BTC Price Action Ahead
With the halving event looming just 11 days ahead, Bitcoin’s price is on the verge of surpassing the previous all-time high, which was only breached four weeks ago. Traders are buoyed by the prospect of reaching a post-halving market value of $80,000 to maintain mining profitability. On the other hand, some popular personalities like Arthur Hayes predict a Bitcoin price slump in and around the halving period.
As of press time, the BTC price is trading 2.35% up at $71,264 with a market cap of over $1.402 trillion. If BTC manages to sustain at this level, it can trigger the next leg of rally all the way to $85,000, says crypto analyst Ali Martinez.
#Bitcoin appears to be breaking out! If $BTC can hold above $70,800, the next target becomes $85,000! pic.twitter.com/JPLf18KZvt
— Ali (@ali_charts) April 8, 2024
Bitcoin (BTC) has exhibited significant price volatility in recent times, hovering around the $70,000 mark as holders capitalize on gains, as per the latest analysis from the “Bitfinex Alpha” report. Both short-term (STH) and long-term holders (LTH) are offloading a portion of their holdings as the upcoming halving event draws near.
“Bitcoin is currently experiencing a consolidation phase, navigating a sideways range between $65,000 (range low) and $71,000 (range high). This movement indicates that the price is beginning to stabilize, even as the price fluctuates,” the report states.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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