On April 15, Bitcoin began trading at around $65,500 as the Wall Street market opened, following a significant drop over the weekend.
This stability marked a calm start to the traditional finance (TradFi) trading week in the United States, according to data from Cointelegraph Markets Pro and TradingView.
This period of calm contrasted sharply with the weekend’s events, where the BTC/USD pair fell to near $61,000, a decline triggered by geopolitical instability in the Middle East.
Fortunately, Bitcoin managed to avoid the more substantial losses experienced by some altcoins.
The focus among traders has now shifted towards the upcoming Bitcoin block subsidy halving, an event anticipated to create turbulent market conditions.
This event is known for significantly impacting trading patterns.
Keith Alan, co-founder of trading resource Material Indicators, commented on the situation, saying, “With the halving coming up in less than a week, I won’t be surprised to see a pump to the halving followed by a dump after the halving to shakeout weak hands before the next leg up.
“Of course escalating geopolitical tensions might alter the trajectory, so certainly tuned into that.” He also noted that resistance might persist above $70,000 until there is more buying activity at prices closer to the current spot.
Additionally, CoinGlass data indicated an increase in bid liquidity for Bitcoin at and below $66,000.
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In the same vein, popular trader Skew noted significant activity in the market, stating, “Lots of systematic retests this morning, important day I think for crypto market to establish the next phase for direction.”
He emphasized the importance of maintaining exponential moving averages (EMAs) across 4-hour and daily timeframes and highlighted the need for Bitcoin’s relative strength index (RSI) to climb back above the central 50 level.
The cryptocurrency market also reacted to news from Hong Kong, which approved exchange-traded funds (ETFs) for both Bitcoin and Ether.
This development refocused attention on the potential for similar ETFs in the U.S.
Despite the weekend’s market downturn, Skew expressed concern over investor reactions, noting, “Red premarket, going to be keeping an eye on these today and potential price impact of spot flows.”
Reports from Cointelegraph indicated a slowdown in overall ETF inflows compared to previous weeks.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a modest outflow of about 1,600 BTC ($105 million). Popular trader Daan Crypto Trades suggested on X that the importance of GBTC flows as a market indicator might be diminishing.
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