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04/09/2024

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Bitcoin Halving and ETF Dynamics Analysis

Bitcoin (BTC) surged by 2.73% on Monday, reaching a closing price of $71,315. Notably, attention is drawn to BTC-spot ETF market flow data for April 8 and April 9, which could impact investor decisions as the Bitcoin halving event approaches.

Bitcoin Halving and ETF Dynamics Analysis

Bitcoin (BTC) surged by 2.73% on Monday, reaching a closing price of $71,315. Notably, attention is drawn to BTC-spot ETF market flow data for April 8 and April 9, which could impact investor decisions as the Bitcoin halving event approaches.

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Additionally, factors such as FOMC member discussions, SEC activities, and developments among US lawmakers should also be considered by investors.

Bitcoin (BTC) Performance and ETF Market Flow Analysis

On Monday, April 8, Bitcoin (BTC) experienced a notable rally of 2.73%, extending its winning streak to three sessions. With a 0.64% gain on Sunday, BTC concluded the session at $71,315, revisiting the $72,500 level for the first time since March 14. However, despite touching this threshold, BTC ended the session below the $72,000 level, influenced by BTC-spot ETF market flow data.

Market data provided by Farside Investors highlighted significant activity within the BTC-spot ETF market, particularly concerning net flows:

1. Fidelity Wise Origin Bitcoin Fund (FBTC) observed net inflows of $6.3 million on April 8, a decrease from $83.0 million recorded on April 5.

2. Bitwise Bitcoin ETF (BITB) witnessed net inflows of $40.3 million following total net inflows of $47.0 million in the week ending April 5.

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3. Grayscale Bitcoin Trust (GBTC) experienced a notable shift, with net outflows surging from $144 million on April 5 to $303 million on April 8.

Bitcoin Market Analysis and Ripple CEO Prediction

Investors were disappointed by the outflow data from Grayscale Bitcoin Trust (GBTC), with hopes for a decrease in outflows. Recent news revealed Genesis had completed a $2.1 billion sale of GBTC shares, potentially contributing to the surge in outflows. Despite Bitcoin (BTC) revisiting the $72,500 mark, outflow data for Monday suggests selling trends may persist, impacting total BTC-spot ETF market flows.

Amidst these developments, investor sentiment towards demand and the upcoming Bitcoin halving event played a significant role in shaping buyer appetite for BTC. The anticipation surrounding the halving event, coupled with sentiments in the BTC-spot ETF market, influenced investor decisions in the crypto space.

On Sunday, Ripple CEO Brad Garlinghouse offered an optimistic outlook for the crypto market, predicting its doubling to $5 trillion by the end of 2024. Garlinghouse attributed this growth to increasing demand from the BTC-spot ETF market and a simultaneous decrease in supply due to the Bitcoin halving event. He emphasized the fundamental economic principle of supply contracting and demand expanding, suggesting a bullish trajectory for the crypto market.

Bitcoin (BTC) Price Analysis and Key Levels

BTC maintained a bullish stance, remaining comfortably above both the 50-day and 200-day Exponential Moving Averages (EMAs). This indicates positive momentum in the market. A breakout above the April 8 high of $72,578 would pave the way for a potential move towards the March 14 All-Time High (ATH) of $73,808. Should BTC surpass the ATH, it could target the $75,000 level, offering further upside potential for the bulls.

Investors should keep an eye on various factors influencing BTC’s price movements on Tuesday. These include BTC-spot ETF market flow data, Securities and Exchange Commission (SEC) activity, and Federal Reserve (Fed) discussions. These elements could impact market sentiment and BTC’s trajectory in the short term.

On the downside, if BTC experiences a drop below the $70,000 handle, it may find support at the $69,000 level. Further decline could bring the $64,000 support level into play. Monitoring these support levels is crucial to assess the strength of bearish pressure in the market.

BTCUSD Daily Chart 09 Apr 24 – TradingView

BTC’s 14-Daily RSI reading stands at 58.32, suggesting potential for further upward movement. With this RSI reading, BTC could surpass its ATH of $73,808 before entering overbought territory. This indicates a favorable outlook for BTC in the near term.

Ethereum (ETH) Price Analysis and Key Levels

ETH maintained its bullish stance, remaining above both the 50-day and 200-day Exponential Moving Averages (EMAs). This reaffirms positive market sentiment. A breakout above the April 8 high of $3,730 could pave the way for a move towards the $3,835 resistance level. Surpassing this resistance could lead ETH to target the $4,000 handle, offering further upside potential for investors.

Investors should pay attention to ETH-spot ETF-related discussions, as they could influence market sentiment and ETH’s trajectory. These discussions may provide insights into potential developments surrounding ETH in the near term.

On the downside, if ETH experiences a drop below the $3,600 handle, it may find support at the $3,480 level. Further decline could bring the 50-day EMA into play, reinforcing the importance of monitoring these support levels to gauge bearish pressure.

ETHUSD Daily Chart 09 Apr 24 – TradingView

ETH’s 14-period Daily RSI reading stands at 59.41, indicating the potential for further upward movement. With this RSI reading, ETH could target a return to $4,000 before entering overbought territory. This suggests a favorable outlook for ETH in the short term.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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