Bitcoin ETF

Bitcoin

Material

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) attempted to retest the$68,000 support on April 1 as the Wall Street open sparked weakness.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/27c76c55-0181-40b2-b40e-4c9c32e099fc.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-traders-eye-support-levels-amid-early-weakness">Bitcoin traders eye support levels amid early weakness</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked a problematic start to Q2, with BTC price losses passing 4.5%.
The return of institutional flows appeared unable to induce further upside — <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">despite</a> a lack of outflows from the Grayscale Bitcoin Trust (GBTC).
Commenting on the situation, popular trader Daan Crypto Trades suggested that the Easter holiday period may be a factor.
“Grayscale didn’t send out anything except some $ETH and other coins which weren’t any noteworthy amounts,” he <a href="https://twitter.com/DaanCrypto/status/1774803521704956195" target="_blank" rel="noopener nofollow">told</a> followers on X alongside data from crypto intelligence firm Arkham. 
<blockquote data-ct-non-breakable="true">
 “Likely to do with the markets being closed around easter. Expecting the usual in/outflows again starting tomorrow.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/44dc2bc4-600c-48b8-b30d-a8263829aca0.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF flows (screenshot). Source: Farside
 </figcaption>
</figure>
Daan Crypto Trades added that overall, GBTC outflows “seem to be slowing down.” $104 million left on the final trading day of Q1, considerably less than the record $642 million seen on March 18.
Now at its lowest levels since March 25, meanwhile, BTC/USD gave traders pause for thought. For Daan Crypto Trades, a dip below the 200-period moving average on four-hour timeframes, currently at $67,330, was not out of the question.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/2c77dcdd-cc34-407b-8d4e-d86914717e2f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Daan Crypto Trades
 </figcaption>
</figure>
“Price testing 4H/1D trend here, still more on the defensive side till price is back above $70K,” fellow trader Skew <a href="https://twitter.com/52kskew/status/1774825285067915469" target="_blank" rel="noopener nofollow">added</a> in part of his own X analysis.
In its latest “New York Color” update sent to Telegram channel subscribers, meanwhile, trading firm QCP Capital warned of increased “downward pressure” across crypto spot markets.
“In the last 24 hours, we’ve seen significant interest to sell calls and buy puts in both BTC and ETH,” it reported.
<h2 id="analysis-smart-money-aims-to-buy-the-dip-at-62-000">Analysis: "Smart money" aims to buy the dip at $62,000</h2>
Examining exchange order book liquidity on the largest global trading platform, Binance, trading resource Material Indicators painted a grim picture for BTC price action between now and the upcoming <a href="https://cointelegraph.com/news/bitcoin-halving-2024">block subsidy halving</a>.
Related:&nbsp;<a href="https://cointelegraph.com/news/highest-monthly-close-ever-5-things-bitcoin-this-week">Highest monthly close ever — 5 things to know in Bitcoin this week</a>
In a series of X posts, the firm, along with co-founder Keith Alan, flagged increasing bid liquidity further toward $60,000.
“Despite the history making 7th consecutive green monthly close for BTC, there is no ‘up only’ to the Halving,” part of one post <a href="https://twitter.com/MI_Algos/status/1774831811794760095/photo/1" target="_blank" rel="noopener nofollow">read</a>. 
<blockquote data-ct-non-breakable="true">
 “Smart Money has bids laddered down to $62k.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/6f7d6968-0dc9-4c2c-8c3b-341ae867b387.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book liquidity heatmap for Binance. Source: Material Indicators/X
 </figcaption>
</figure>
Alan continued that Bitcoin may be posing a problem for institutional buyers thanks to price acting within relatively uncharted territory.
Once the halving has come and gone, he nonetheless noted, belief in new all-time highs is firmly in place.
“At least one entity believes that’s a high probability as they have laddered over $150M in BTC bids all the way down to $62k after price dipped below $69k briefly,” he <a href="https://twitter.com/KAProductions/status/1774806336879853884" target="_blank" rel="noopener nofollow">explained</a>. 
<blockquote data-ct-non-breakable="true">
 “Among other things, this illustrates that even the institutional guys aren’t sure where price is going to land, so they are happy to DCA into positions from this range, because there is high conviction that there will be a series of new ATHs after the halving.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price slips 4% to weekly low as Bitcoin bids line up toward $62K

Table of Contents

Cointelegraph

Other articles published on Apr 1, 2024

Carrieverse (CVTX) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

US economist declares gold superior to Bitcoin; Here’s why

Bitcoin Bulls Ignite as Coinbase Records Second Largest Weekly Outflow

$XRP Continues to Disappoint While Investors See Mad Gains In This New Coin

Binance CEO Secretly Visits Korea to Engage Regulators About Gopax

Decentralized Exchange dYdX Relocates to Avoid US Regulators

Join our free newsletter for daily crypto updates!