United

Bitcoin

April

Material

Grayscale Bitcoin Trust

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-whales-may-be-starting-to-sell-will-prices-drop/" data-wpel-link="internal">Bitcoin Whales May Be Starting to Sell: Will Prices Drop?</a> 
<a href="https://coin-turk.com/bitcoinde-balinalar-satisa-mi-basliyor-fiyat-duser-mi" data-wpel-link="internal">Bitcoin</a>, entered an uncertain period following the Wall Street opening on April 9, with warnings that macro data could lead to further price declines. Data from TradingView showed that the BTC/USD pair dropped below $69,000 as Wall Street made a comeback. Bulls continued to lose momentum in their effort to gain more ground towards the all-time high of $73,800. 
<h2 class="p1" style="text-align: justify" id="why-is-bitcoin-falling">Why Is Bitcoin Falling?</h2> 
BTC/USD trading source Material Indicators analyzed order book data, highlighting whales attempting to lower prices to enter new long positions in the futures market. The analysis indicated that the target timeframe was the pressure from the United States Consumer Price Index (CPI) to be announced on April 10: 
<blockquote> 
 “We frequently see this behavior around economic reports. If the inflation figures released on April 10 are higher than expected, they could likely extend the downward movement. However, in such scenarios, it’s common for whales to maintain the dip and then capitalize on the upward liquidity gap they create for a relatively quick upward movement.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339241 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-veri-1.jpg" alt="" width="1912" height="947"> 
An attached graph showed the nearest strong bid liquidity wall at $66,500 on the world’s largest exchange, <a href="https://en.coin-turk.com/binance-margin-announces-interest-exemption-for-bitcoin-and-select-altcoins/" data-wpel-link="internal">Binance</a>. Popular investor Rekt Capital commented on the weekly chart: 
<blockquote> 
 “<a href="https://en.coin-turk.com/bitcoin-price-continues-to-fall-amid-geopolitical-uncertainty/" data-wpel-link="internal">Bitcoin</a> is currently rejecting the highest level of this blue range at $71,300. Bitcoin is thus stuck between the old all-time high of $69,000 as support and the recent highest level (resistance) of $71,300 from two weeks ago. There is room here for forward consolidation.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339240 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-yorum-3.jpg" alt="" width="1794" height="1202"> 
<h2 class="p1" style="text-align: justify" id="developments-in-the-etf-space">Developments in the ETF Space</h2> 
Meanwhile, the pressure among spot Bitcoin exchange-traded funds (ETFs) continues. Data emerging on April 9 showed a significant outflow, mostly from the Grayscale Bitcoin Trust (GBTC), with a net outflow of $200 million. This caught market observers off guard, and preliminary data for April 10 indicated an acceleration in GBTC outflows. 
According to figures from crypto data analysis firm Arkham shared by popular investor Daan <a href="https://en.coin-turk.com/what-does-the-recent-correction-mean-for-bitcoin-investors/" data-wpel-link="internal">Crypto</a> Trades with X, GBTC outflows reached approximately $434 million worth of 6,200 Bitcoin over the past few weeks, marking the largest dollar amount in that period. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339239" src="https://coin-turk.com/wp-content/uploads/2024/04/daan-tweet-2.webp" alt="" width="500" height="575"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-whales-may-be-starting-to-sell-will-prices-drop/" data-wpel-link="internal">Bitcoin Whales May Be Starting to Sell: Will Prices Drop?</a></h5>

Bitcoin Whales May Be Starting to Sell: Will Prices Drop?

Table of Contents

COINTURK NEWS

Andre artikler udgivet 9. apr. 2024

Rate Cuts Favor Bitcoin And Gold, But Not US Economy? Novogratz Expresses Concerns, Says 'We Need...

Mezo Shines with $21 Million Investment for Bitcoin-Based Layer-2 Solution

Posschain (POSS) Overview 🧩🔗

Next Cryptocurrency To Explode Tuesday, April 9 – Theta Network, Synthetix, Cronos

Fidelity’s $FBTC Surpasses $10 Billion AUM Milestone, Cements Place as Third-Largest Spot Bitcoin...

Genesis Making Investment Changes In BTC To PayOff Creditors

Join our free newsletter for daily crypto updates!