bitcoin (btc) is bitcoin-blasts-past-70000-in-wild-week-to-register-new-all-time-high/#:~:text=bitcoin%20Blasts%20Past%20%2470%2C000%20In,Register%20New%20All%2DTime%20High&text=The%20price%20of%20bitcoin%20has,wave%20of%20enthusiasm%20among%20investors.” rel=”nofollow noopener” target=”_blank”>back below $70,000 after momentarily rising above this psychological price range on April 7. This price action suggests that the bitcoin/bitcoin-price-crash-10-69000/” rel=”nofollow noopener” target=”_blank”>the bears are still in control, which could continue to be the case throughout this week. As the tug-of-war continues, here are some key events to keep an eye on.
Is the pre-halving pullback over?
crypto Analyst Rekt Capital bitcoin/bitcoin-troubles-far-from-over/” rel=”nofollow noopener” target=”_blank”>previously highlighted the phases of the bitcoin Halving, including the pre-halving pullback. He noted that the price of bitcoin usually falls between 28 and 14 days before the Halving Event. With about 12 days left until the halving event, there is a belief that the pre-halving pullback is over.
However, considering that the cycle has already proven to be unique, especially with btc reaching a new all-time high (ATH) Ahead of the Halving, investors will no doubt be wary of the flagship cryptocurrency making one last price correction this week. In one of his recent x (formerly twitter) x.com/rektcapital/status/1775890683553079391″ rel=”nofollow” target=”_blank”>publicationsRekt Capital also admitted that it is still unclear whether the bottom has been reached or not.
Whale activity this week will also give an idea of the current sentiment in the market as the halving event approaches. bitcoin/bitcoin-whales-buying-spree/” rel=”nofollow noopener” target=”_blank”>Major purchases of the flagship cryptocurrency suggest that bitcoin investors believe the worst is over and are already positioning themselves for a possible parabolic rise in prices once the Halving occurs.
If whales indicate bullish sentiment, that also means the market has likely moved into the next halving phase, which Rekt Capital says is the “reaccumulation” phase. On the other hand, a btc sell-off this week will strengthen the bitcoin/bitcoin-troubles-far-from-over/” rel=”nofollow noopener” target=”_blank”>bearish narrative which is currently affecting btc and suggests that the pre-halving pullback bottom has not yet arrived.
Spot bitcoin ETFs and Derivatives Market
The network flows bitcoin Spot ETF This week's record will also be critical in determining current market sentiment. they have experienced mixed flows in the last two weeks, something that has given a more bearish than bullish outlook considering the amount of net receipts They were recording before now.
However, things could improve again this week with BlackRock. in expansion the list of authorized participants for its iShares bitcoin Trust (IBIT) last week. These participants include notable names such as Goldman Sachs, Ciudadela and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.
Meanwhile, the crypto community will be watching the derivatives market since, depending on market volatility, many positions could disappear this week. Cryptoanalyst Ali Martinez recently x.com/ali_charts/status/1777134454420439063″ rel=”nofollow” target=”_blank”>revealed that almost $72 million could be liquidated if bitcoin rebounds to $70,875. If that happens, it could be the first step in helping the bulls regain control of the market.
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btc bulls push price to $72,200 | Source; BTCUSD on Tradingview.com
Featured image from bitcoin News, chart from Tradingview.com
