Key Points
- Bitcoin (BTC) price stabilized around $65,500 after a volatile weekend dip.
- Traders are cautiously anticipating the upcoming Bitcoin block subsidy halving.
Bitcoin’s price hovered around $65,500 at the start of trading on Wall Street on April 15, following a turbulent weekend. The cryptocurrency’s price had dipped significantly over the weekend, but has since regained stability.
Bitcoin Price Recovers
Data indicates that the start of the traditional finance trading week in the United States was relatively calm. This is in stark contrast to the weekend’s volatility, which saw the price of Bitcoin drop to nearly $61,000. This was largely due to a knee-jerk reaction to geopolitical instability in the Middle East, with Bitcoin managing to avoid some of the deeper losses experienced by altcoins.
Anticipation of the Halving
Traders are now focusing on the upcoming Bitcoin block subsidy halving, an event that has historically caused unsettled trading conditions. Keith Alan, co-founder of trading resource Material Indicators, suggested that the halving could lead to a price increase, followed by a drop to shake out weaker traders. He also noted that geopolitical tensions could alter this trajectory.
Alan pointed out that the exchange order book liquidity conditions are changing, suggesting that the resistance above $70,000 will remain until bulls can attract bids closer to the current spot price. Meanwhile, data from CoinGlass showed Bitcoin eating into bid liquidity at and below $66,000.
Bitcoin ETFs in Focus
The approval of both spot Bitcoin and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong has shifted attention to the U.S. market. Given the price drop over the weekend, there are concerns that investors might react negatively on the first trading day of the week.
In recent weeks, overall ETF inflows have slowed considerably. The Grayscale Bitcoin Trust (GBTC) saw only a modest outflow, estimated at 1,600 BTC ($105 million). This data was compiled by crypto intelligence firm Arkham and shared by popular trader Daan Crypto Trades, who suggested that GBTC flows have become less important as a metric.
