After a short dip, BTC bounced back to trading above $70,000, likely influenced by decreasing Bitcoin ETF outflows in the GBTC ETF, which could indicate a crypto uptrend.
The crypto market observed a decline in the Grayscale Bitcoin ETF outflows recently. The event could have led to renewed strength in Bitcoin’s price strength. In the early hours of April 11, Bitcoin raced past $70,000, leading to a broader crypto uptrend.
On April 10, the GBTC ETF saw just $17.5 million outflows, compared to $154.9 million on April 9. The ETF’s performance has been impacting Bitcoin’s performance in recent months. As a result, in the next few months, we could see the spot Bitcoin ETFs driving BTC’s price.
Minor upward movements also occurred in several altcoins. DOGE was a clear winner among the major tokens, rallying by 6% in the last 24 hours. Meanwhile, the earlier BTC dip could have probably happened after unfavorable inflation data emerged in the US.
The US Consumer Price Index press release noted, “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in March on a seasonally adjusted basis, the same increase as in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.5 percent before seasonal adjustment.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,800 on April 11, 2024, with BTC/USD trading higher by a margin of 2.85% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.39 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (68,168.29), as BTC’s 24-hour volume was at around $37 billion. The global crypto market cap increased by around 1.99%, trading above $2.63 trillion. BTC’s year-to-date returns are at 68.53%
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