Key Points
- Bitcoin (BTC) struggles to regain momentum after dipping below $69,000.
- Bitcoin whales may utilize the US Consumer Price Index (CPI) print to lower prices and enter fresh long positions.
Bitcoin’s price remained uncertain after the Wall Street opening on April 9, as macro data hinted at possible further price drops for Bitcoin.
Bitcoin Whales and CPI Print
Trading data revealed that BTC/USD had dipped below $69,000 as Wall Street recommenced trading. Despite this, bullish investors struggled to regain ground towards the current all-time high of $73,800.
Material Indicators, a trading resource, highlighted that Bitcoin whales were attempting to lower prices to establish new long positions. They suggested that the target timeframe was the upcoming release of the US Consumer Price Index (CPI) print.
The company noted that this type of behavior often occurs around economic reports. If the Core Inflation numbers are high, whales may be able to extend the downside move. However, they usually buy the dip and exploit the upside liquidity void they created for a relatively quick move up.
BTC Outflows Continue
Meanwhile, pressure persisted among spot Bitcoin exchange-traded funds (ETFs). April 9 saw a net outflow of $200 million, largely driven by a significant outflow from the Grayscale Bitcoin Trust (GBTC).
This unexpected outflow caught market observers by surprise. Preliminary data for April 10 showed these GBTC outflows were only increasing. Crypto intelligence firm Arkham reported them at around 6,200 BTC ($434 million), marking the largest dollar amount in several weeks.
