- 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.ย
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.ย
#Bitcoin Not your typical weekend, as price has mostly grinded up the entire weekend instead of just hovering at the same level.
We've seen this kind of price action a few times during our initial move to 70K+.
Often saw a quick wick after futures re-open, back into up only. https://t.co/WKcLDf6mYC pic.twitter.com/VbhokGvau4
— Daan Crypto Trades (@DaanCrypto) April 7, 2024
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.
#Bitcoin facing crucial level.
If this breaks, we'll likely see a strong continuation towards the all-time highs pre-halving.
Slowly, #Altcoins are waking up alongside Bitcoin. pic.twitter.com/PLNRjBwMnd
— Michaรซl van de Poppe (@CryptoMichNL) April 7, 2024
Michaรซl 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.ย
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.
#BTC is now well-positioned for a bullish Weekly Candle Close
Can it hold above ~$69,000 until the Weekly Close is in?$BTC #Crypto #Bitcoin https://t.co/px7vCyGoBy
— Rekt Capital (@rektcapital) April 7, 2024
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.ย
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.
