Key Points
- Bitcoin (BTC) price action comes full circle from highs of $65,300 amid stubborn trading range and weak US spot Bitcoin ETFs performance.
- Market analysts predict a longer period of overall Bitcoin price trend absence, but expect significant gains from altcoins.
The price of Bitcoin (BTC) has been sliding lower as the April 26 Wall Street opening approaches. This is due to familiar trading conditions that have kept bulls at bay.
Bitcoin ETFs Experience a “Rough Day”
Data indicates that the BTC price action has come full circle from highs of $65,300. This stubborn trading range continues to dominate the market amid concerning macroeconomic data and a weak performance from the United States spot Bitcoin exchange-traded funds (ETFs).
The ETFs saw net outflows exceeding $200 million the previous day, dashing what was initially a promising start to the week. James Seyffart, a dedicated ETF analyst, commented on the situation, stating that it was a “rough day” for the Bitcoin ETFs.
Bitcoin’s Market Dominance
With the overall mood in the crypto market being lackluster, some market participants have started to suggest that an overall Bitcoin price trend could be absent for a longer period. However, Michaël van de Poppe, founder and CEO of trading firm MNTrading, argued that altcoins would diverge significantly to deliver long-awaited gains.
Bitcoin’s dominance of the overall crypto market cap was around 55% on the day, having come down after peaking at 57% — its highest level in two years — on April 13.
Upcoming Bitcoin Price Lows
Popular trader and analyst Rekt Capital gave a two-week deadline for any more significant dips to occur. He explained that Bitcoin has entered the Post-Halving ‘Danger Zone’ and is very near the Range Low. If additional downside volatility below the Range Low is to occur, it would be during the next two weeks.
An accompanying chart compared behavior during the 2024 halving to historical norms.