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HomeNewsWeekend Strength: Bitcoin Bulls Drive Price Towards $70K Amid Rising Institutional Interest

Weekend Strength: Bitcoin Bulls Drive Price Towards $70K Amid Rising Institutional Interest

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  • Bitcoin’s unusual weekend behavior signals potential rise, surpassing $69,000, aiming for the $70,000 mark as traders watch closely.
  • Analyst Daan Crypto Trades highlights this weekend’s unique price movement, predicting patterns similar to previous surges above $70,000.

Over the weekend, Bitcoin exhibited unusual behavior, deviating from its typical price patterns, hinting at a possible surge towards the $70,000 mark. According to market data, Bitcoin’s value soared past $69,000, reaching a peak of $69,781 on the Bitstamp exchange. 

This movement has sparked discussions among traders, with many pointing out the atypical nature of Bitcoin’s price trajectory over the weekend, where it usually remains stagnant.

Daan Crypto Trades, a well-regarded market analyst, noted on X (previously known as Twitter) that Bitcoin’s price action over the weekend was uncommon. 

Historically, such patterns were observed in the run-up to surpassing the $70,000 threshold, often followed by a swift correction when futures markets reopened, before resuming its upward trend.

Michaël van de Poppe, the CEO of MNTrading, highlighted the significance of the $69,000 level for Bitcoin. A breakthrough above this threshold could potentially lead to a rally reaching the highs seen before the halving event. 

Related: Bitcoin ETF Market Signals Strength: GBTC Outflows Reach Monthly Low

However, van de Poppe also cautioned about a bearish divergence, suggesting a potential rejection at the $72,000 mark.

Rekt Capital, another respected analyst, echoed the sentiment that Bitcoin is in a favorable position for a bullish close to the week, questioning whether it can maintain its position above approximately $69,000 until the weekly close.

Amidst Bitcoin’s promising performance, the spotlight also fell on institutional investments, particularly the activity surrounding U.S. spot Bitcoin exchange-traded funds (ETFs). After a period of net outflows, these funds experienced a notable uptick last week, buoyed by news that Genesis, a crypto lending company undergoing bankruptcy, had completed the sale of its shares in the Grayscale Bitcoin Trust (GBTC).

Read more: Bitcoin ETF Boom Surpasses Miner Production: Halving to Propel Price to $100,000

The resurgence in ETF inflows, with a net addition of over $200 million on April 5 and a total weekly inflow of approximately $570 million, underscores a renewed institutional interest in Bitcoin. 

This shift could potentially influence Bitcoin’s market trajectory as it edges closer to previous highs, signaling a period of optimism and renewed investor confidence in the cryptocurrency space.

 

The current price of Bitcoin (BTC-USD) is approximately $72,134.30, with a notable increase of $2,873.98 or 4.15% from its previous close. Bitcoin’s trading range today has been between $69,152.33 and $72,348.70.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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