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Bitcoin Slips Below $70,000 Amid ETF Outflows and Market Uncertainty, Traders Hold onto Targets

On April 9, the buzz surrounding Bitcoin‘s weekly performance dimmed as its value dropped below $70,000.

Insights from Cointelegraph Markets Pro and TradingView highlighted a decline in Bitcoin’s price before the opening of Wall Street, hitting a low of $69,635 on Bitstamp, a 4.3% decrease from the day before.

This dip mirrored a hesitancy in the market’s short-term outlook.

The start of the week on Wall Street didn’t meet the expectations of Bitcoin enthusiasts. U.S.-based spot Bitcoin ETFs saw minimal capital inflow, and with a significant $300 million withdrawal from the Grayscale Bitcoin Trust (GBTC), the day ended in substantial net outflows.

Data from the UK investment company Farside indicated these outflows surpassed $200 million.

Analyst Mark Cullen highlighted the unusual market activity, noting the negative ETF flows despite Bitcoin’s previous gains.

Despite the day’s downturn, major ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) managed to continue their streak of inflows.

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Market observers had anticipated a positive turn in net flows following Genesis, a bankrupt cryptocurrency lender, announcing it had sold off billions in GBTC shares to purchase Bitcoin.

Commentator WhalePanda pointed out the day’s sluggish ETF activity, speculating on various factors including potential profit-taking and the upcoming U.S. tax deadline on April 15.

Amid these market movements, traders maintained their Bitcoin price targets. Crypto Ed, aiming for an $80,000 Bitcoin value, adjusted his immediate goal to $73,000 for continued growth.

Other traders like Jelle and a subsequent post proposed a breakout target of $82,000, suggesting a rebound to new highs if Bitcoin holds above $71,400.

Conversely, Credible Crypto expressed caution, predicting a possible dip to $60,000 or lower, consistent with his earlier analyses of market correction expectations.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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