Crypto News

Bitcoin Pulls Market Down As Trading Volume Declines, But Could Skyrocket To 90K Following This Pattern

The recent drop in Bitcoin’s price to $65.1K has had a ripple effect across the broader cryptocurrency market, leading to a 3.61% decrease in overall market caps over the past 7 days.

Additionally, trading volume has experienced an 18.84% decline compared to the previous week.

Analyst Ali Martinez noted a correlation between Bitcoin’s price movements and those of the Nasdaq, suggesting a potential mirroring effect. To confirm this pattern, Bitcoin would need to swiftly rebound above the $69,000 mark. Presently, Bitcoin is trading at $66.1K.

Data from the kucoin exchange’s latest asset reserve certificate revealed notable changes in user asset holdings. BTC assets decreased by 25.4% to 12,114, while ETH assets decreased by 21.91% to 112,000. USDT assets also saw a decline, dropping by 21.5% to 963 million.

Bitcoin ETF Net Inflow Turns Positive

Spotonchain’s data on Bitcoin ETF net inflow for April 3, 2024, showed a significant increase, totaling +114M. This marks a 192% surge compared to the previous trading day. 

Grayscale Bitcoin Trust (GBTC) experienced a single-day outflow of $75.1M, reaching its lowest level in the past 26 trading days. Conversely, Fidelity Wise Origin Bitcoin Fund (FBTC) saw a notable uptick, with a single-day inflow of $116.7M, placing it at the top of the leaderboard.

As Bitcoin’s price continues to fluctuate and influence market sentiment, investors will closely monitor its performance alongside other key indicators to gauge the overall direction of the cryptocurrency market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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