Crypto News

Bitcoin’s Recent Dip Sparks Initial Panic Among Traders, but Analysts Remain Bullish

In the past 24 hours, Bitcoin experienced a dip below the $69K mark, prompting an expected wave of panic among traders. 

This decline comes amidst a gradual decrease in trading volume since its peak on March 6th, attributed in part to a ranging pattern observed since mid-March. This pattern has left traders feeling uncertain about their decisions.

However, discussions about potential dip-buying opportunities and reminders of the upcoming halving in 10 days have emerged, suggesting optimism for a rebound. The hope is that the prevailing panic will pave the way for a resurgence in Bitcoin and other top cryptocurrencies.

Analyst Ali Martinez, speaking on X, points to the balance between support and resistance levels. With 1.4 million addresses holding 893,000 BTC in the $68,220 to $70,325 range compared to 474,000 addresses holding 285,000 BTC between $70,760 and $71,200, the odds seem to favor the Bitcoin bulls.

$19M Net Outflow Recorded On Bitcoin ETFs

In terms of ETF activity, recent data indicates a net outflow of $19M for April 9th, 2024. Although negative, this outflow is only marginally so, marking the second consecutive day of such activity. 

Notably, the single-day inflow for BlackRock iShares Bitcoin Trust (IBIT) rose to $128.7M, albeit lower than the 28-day average. 

Conversely, the single-day outflow for Grayscale Bitcoin Trust (GBTC) saw a significant decrease from $303M to $155M.

With these developments in mind, despite initial panic, there remains a sense of optimism among analysts regarding Bitcoin’s future trajectory.

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

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