Bitcoin

April

Rekt

Spot

<p>Bitcoin (BTC) is <a href="https://www.newsbtc.com/news/bitcoin-blasts-past-70000-in-wild-week-to-register-new-all-time-high/#:~:text=Bitcoin%20Blasts%20Past%20%2470%2C000%20In,Register%20New%20All%2DTime%20High&amp;text=The%20price%20of%20bitcoin%20has,wave%20of%20enthusiasm%20among%20investors." rel="nofollow noopener" target="_blank">back below $70,000</a> after momentarily rising above this psychological price range on April 7. This price action suggests that the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/" rel="nofollow noopener" target="_blank">bears are still in control</a>, which could remain the case throughout this week. As the tug of war continues, here are some key events to watch out for.&nbsp;</p> 
<h2 id="is-the-pre-halving-retrace-over">Is The Pre-Halving Retrace Over?</h2> 
<p>Crypto analyst Rekt Capital <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/" rel="nofollow noopener" target="_blank">previously highlighted</a> the phases of the Bitcoin Halving, including the pre-halving retrace. He noted that Bitcoin’s price usually drops 28 to 14 days before the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/">Halving event</a>. With the halving event about 12 days away, there is the belief that the pre-halving retrace is over.&nbsp;</p> 
<p>However, considering that the cycle has already proven unique, especially with BTC hitting a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/">new all-time high (ATH)</a> before the Halving, investors will undoubtedly be wary about the flagship crypto making one last price correction this week. In one of his recent X (formerly Twitter) <a href="https://x.com/rektcapital/status/1775890683553079391" rel="nofollow" target="_blank">posts</a>, Rekt Capital also admitted that it is still uncertain whether or not the bottom is in.&nbsp;</p> 
<p>Whale activity this week will also give an idea of the current sentiment in the market as the Halving event draws near. <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-buying-spree/" rel="nofollow noopener" target="_blank">Significant purchases</a> of the flagship crypto suggest that Bitcoin investors believe the worst is over and are already positioning themselves for a potential parabolic price surge once the Halving occurs.&nbsp;</p> 
<p>If whales signal a bullish sentiment, that also means that the market has likely moved to the next Halving phase, which, according to Rekt Capital, is the “Re-accumulation” phase. On the other hand, a wave of BTC sell-offs this week will strengthen the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/" rel="nofollow noopener" target="_blank">bearish narrative</a> currently plaguing BTC and suggest that the pre-halving retrace bottom isn’t in yet.&nbsp;</p> 
<h2 id="spot-bitcoin-etfs-and-the-derivatives-market">Spot Bitcoin ETFs And The Derivatives Market</h2> 
<p>The net flows the <a href="https://bitcoinist.com/these-new-spot-bitcoin-etfs-now-hold-nearly-of-btc/#:~:text=Notably%2C%20these%20nine%20US%20spot,%2C%20and%20VanEck%20(HODL).">Spot Bitcoin ETFs</a> record this week will also be critical in determining the current market sentiment. They have experienced <a href="https://bitcoinist.com/bitcoin-whale-profits-mixed-spot-btc-etf-flows/">mixed flows</a> in the last two weeks, something which has given a more bearish than bullish outlook considering the amount of <a href="https://bitcoinist.com/bitcoin-etfs-record-2-2-billion-inflow-in-past-week/">net inflows</a> they were recording before now.&nbsp;</p> 
<p>However, things could again pick up this week with BlackRock <a href="https://bitcoinist.com/blackrock-bitcoin-etf-broadens-reach/">expanding</a> the list of authorized participants for its iShares Bitcoin Trust (IBIT) last week. These participants include notable names like <a href="https://bitcoinist.com/goldman-sachs-maintains-crypto-skepticism/">Goldman Sachs</a>, Citadel, and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.&nbsp;</p> 
<p>Meanwhile, the crypto community will be watching the <a href="https://bitcoinist.com/bitcoin-derivatives-market-volumes-show-bullish-trend-after-2022-downturn/">derivatives market</a> as, depending on market volatility, many positions could be wiped out this week. Crypto analyst Ali Martinez recently <a href="https://x.com/ali_charts/status/1777134454420439063" rel="nofollow" target="_blank">revealed</a> that nearly $72 million could be liquidated if Bitcoin rebounds to $70,875. If that happens, it could be the first step in helping the bulls regain control over the market.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/zipPrMNG/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530"></p>

Bitcoin Gives Mixed Signals: Here Are Key Events To Watch Out For This Week

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Bitcoinist

Alte articole publicate pe 8 apr. 2024

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