The market saw a tug-of-war between crypto bulls and bears, broadly evident from Bitcoin’s price, which oscillated between $64,000 and $67,000 in the last 24 hours with higher signals of volatility.
Bitcoin’s price strength witnessed dramatic highs and lows in the crypto market, with $64,000 acting as the support. Bitcoin has navigated this contest between crypto bulls and bears with a gradual upward movement. It has fought back the bearish sentiments and moved up towards a price breakout above $66,000. If its current movement continues, BTC could land around $70,000 by the end of this week.
Nevertheless, Bitcoin’s price strength contraction will likely not continue much longer. If the current movement is tracking historical patterns of a pre-halving retrace, then a rally could ensue after the event.
Meanwhile, Bloomberg analyst Eric Balchunas noted the huge trading volumes of the spot Bitcoin ETFs in March. The trading volumes had increased to touch $111 billion. The analyst also shared a chart showing the dominance of the Bloomberg spot Bitcoin ETF.
He stated, “While all of the ETFs won in terms of being profitable hits, $IBIT won the volume race and is officially the $GLD of Bitcoin.”
Since the volumes of the ETFs have traded exponentially, one could expect much bigger volumes in the next few months.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,300 on April 3, 2024, with BTC/USD trading lower by a margin of 1,3% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.3 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,483.98), as BTC’s 24-hour volume was at around $46.1 billion. The global crypto market cap decreased by around 3.94%, trading above $2.48 trillion. BTC’s year-to-date returns are at 57.99%.
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