Increasing Bitcoin ETF volumes have brought back optimism to the market, which has fueled a BTC rally toward $70,000 during the weekend.
A steady rise in Bitcoin ETF volumes could have helped Bitcoin rise in the last few days. Bitcoin held its support just below $68,900 and hit $70,000 on April 7. BTC has consolidated in this trading range, signaling a new phase for its rally. Meanwhile, as the Bitcoin halving event is less than two weeks away, traders could be gearing up to accumulate BTC. If a buying spree ensues, the market could witness another rally before the event.
A blockchain data firm published a note recently noting the high Bitcoin ETF volumes. It said, “Trader activity is still notably higher than the turning point that began in late February after an influx of individual trading began (and hasn’t stopped since). It is a likely foregone conclusion that high activity should continue leading up to the April 19th halving,” referring to the activity in the ETFs.
On the other hand, BTC’s technical indicators also signal bullish outcomes in the near future. In the last two months, BTC closed above the upper Bollinger Band. From a historical context, such indicators have usually led to price jumps. This time, a few more factors, including the ETFs and the Bitcoin halving event, could further seal its prospects.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,200 on April 8, 2024, with BTC/USD trading higher by a margin of 1.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.38 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (68,373.60), as BTC’s 24-hour volume was at around $22 billion. The global crypto market cap increased by around 1.73%, trading above $2.63 trillion. BTC’s year-to-date returns are at 68.26%
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