- Bitcoin approaches $70,000, defying typical weekend stagnation, with institutional interest and market anticipation at a peak.
- Anticipated pre-halving momentum and strategic institutional movements signal a bullish trend for BTC.
In our latest weekend update, Crypto News Flash (CNF) highlighted Bitcoin’s robust performance, with its price surpassing the $67,000 mark. This surge comes as the cryptocurrency market anticipates the upcoming Bitcoin halving, which is only 12 days away. Notably, despite experiencing a dip earlier in the week, Bitcoin has shown remarkable resilience by nearing the $70,000 threshold, a significant increase of 2.6% in the last 24 hours.
This upward trend, especially during a weekend — traditionally a period of less intense trading activity — signals a strong bullish sentiment in the market. Bonovox IQ, a Greece-based investment firm, has also recognized this unusual weekend strength, noting Bitcoin’s nudging at the $70K mark as an indicator of a continuing bullish trend.
This unusual weekend bullishness is further highlighted in a CNF YouTube video, breaking the norm of less reliable BTC price movements typically seen during weekends.
The leap to $69,781 mirrors Bitcoin’s initial climb over $70,000, fueling trader expectations for continued gains in the coming week. Experts like Daan Crypto Trades and Michaël van de Poppe suggest that surpassing the $69,000 threshold could trigger a strong rally towards pre-halving highs. However, caution is advised due to the potential for price rejection around $72,000, owing to a bearish divergence in the market.
Institutional interest remains a key driver, evidenced by significant net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs). BlackRock’s recent inclusion of major U.S. banks as authorized participants in these ETFs marks a notable development, with about $570 million in net inflows last week, indicating a growing institutional fascination with Bitcoin.
Daan Crypto Trades highlighted in a tweet the unique weekend activity for Bitcoin. Unlike usual patterns, the price consistently climbed rather than hovering at a static level, reminiscent of the movements seen during Bitcoin’s initial surge past $70,000.
#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
As of now, Bitcoin’s price stands firm at over $71,230, marking a 2.65% rise over the past week. This steady growth, alongside institutional maneuvers and market sentiment, suggests an optimistic outlook for Bitcoin as it nears the highly anticipated halving event.
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