Key Points
- Bitcoin (BTC) price surged over the weekend, hitting local highs of $69,781.
- Increased institutional inflows and net ETF inflows of over $200 million signal a positive outlook for Bitcoin.
Bitcoin experienced an unusual surge in price over the weekend, peaking at $69,781.
This price action, which is not typical for weekends, has sparked optimism among traders.
Weekend Price Surge
The sudden surge in Bitcoin’s price over the weekend was reminiscent of its initial run to $70,000.
Traders are hopeful that the upward momentum will continue into the new week.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, highlighted the importance of the $69,000 level.
He suggested that if Bitcoin breaks this level, it could continue its strong performance towards its pre-halving all-time highs.
Institutional Inflows and ETFs
As Bitcoin approaches new highs for April, there is also optimism regarding how institutional inflows might shape its future.
Last week’s rebound in net flows among US spot Bitcoin exchange-traded funds (ETFs) has set a positive tone.
The largest global asset manager, BlackRock, added several major US banks as authorized participants.
According to the latest data, including from UK-based investment firm Farside, April 5 ended with net ETF inflows of just over $200 million, bringing the week’s total to around $570 million.
This suggests that institutional interest in Bitcoin is growing, which could potentially drive its price higher in the future.
However, a chart accompanying the analysis noted the ongoing existence of a bearish divergence, increasing the chances of a Bitcoin price rejection at $72,000.
Despite this, analyst Rekt Capital suggests that Bitcoin is well-positioned for a bullish weekly candle close.
The question remains whether it can hold above the $69,000 mark until the weekly close.
