Bitcoin Price Dips Over 5% After Easter Weekend
Crypto News

Bitcoin Price Dips Over 5% After Easter Weekend

Created 3w ago, last updated 3w ago

BTC broke below the $68,000 level, falling 5.38% to trade at $66,700. What's causing this sell-off in the crypto markets?

Bitcoin Price Dips Over 5% After Easter Weekend
After Bitcoin (BTC) made an attempt to retest the $68,000 support level on April 1, it faced further weakness as the largest cryptocurrency broke below the $68,000 level, falling 5.38% to trade at $66,700 at the time of writing. BTC has declined by 6.3% since the start of Q2.

Institutional outflows from spot Bitcoin ETFs continue after the long Easter weekend, likely inducing further downside to the price of Bitcoin.

View post on Twitter

On April 1, outflows from the Grayscale Bitcoin Trust (GBTC) reached $302.6 million, while inflows from BlackRock’s IBIT and Fidelity’s FBTC were $165.9 million and $44 million respectively. This resulted in a net outflow of $85.7 million.

QCP Capital, a Singapore-based trading firm and market maker, warned of increased downward pressure across cryptocurrency spot markets in its latest "Asia Morning Color" update on its Telegram channel.

They reported that the crypto options market provided early insight to the current sell-off, where significant interest in selling calls and buying puts in both BTC and ETH put downward pressure on spot prices.

They also pointed out that the sharp sell-off in BTC and other crypto assets were due to large liquidation on exchanges like Binance. Perpetual contracts funding rates reset from as high as 77% to flat.

View post on Twitter

Examining the exchange order book liquidity on Binance, trading resource Material Indicators indicated a challenging picture for BTC's price action leading up to the upcoming Bitcoin halving. The firm highlighted increasing bid liquidity toward $60,000, suggesting that "smart money" had placed bids down to $62,000.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
11 people liked this article