Bitcoin (BTC) fell below $70,000 on April 9 as early excitement from the weekly close faded.
Bitcoin ETFs struggle amid "very slow" day
Data from Cointelegraph Markets Pro and TradingView showed BTC price downside gathering momentum before the Wall Street Open.
The day’s lows of $69,635 on Bitstamp represented a 4.3% drop versus the previous day’s local high — with wavering short-term sentiment to match.
The week’s first Wall Street trading session had broadly disappointed Bitcoin bulls.
The United States spot Bitcoin exchange-traded funds (ETFs) took in little capital, and combined with a $300 million outflow from the Grayscale Bitcoin Trust (GBTC), the day’s net flows were heavily negative.
According to data from sources including United Kingdom investment firm Farside, net outflows totaled just over $200 million.
“Surprisingly, even though Bitcoin pumped up yesterday the ETF flows were significantly negative. One of the largest -ever days we have had,” popular analyst Mark Cullen wrote in a response on X (formerly Twitter).
The two largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), nonetheless avoided losses, maintaining an unbroken streak of inflows.
Market participants had expected net flows to improve after bankrupt crypto lender Genesis announced last week that it had completed its own multi-billion-dollar offloading of GBTC shares, which it would in turn use to buy BTC.
“Overall a very slow day for ETF flows considering the price action,” popular commentator WhalePanda wrote in part of his own follow-up analysis.
“Might be profit taking, although EFTs usually are held for long term. US Tax day is the 15th, don't know how much that might be a factor.”
Traders stick to their BTC price targets
Considering short-term BTC price action, meanwhile, trader looked for signs of a reversal upward.
Related: Plotting the path to $80K — 5 things to know in Bitcoin this week
Trader Crypto Ed, who began the week with an $80,000 target, eyed $73,000 as the first port of call for upward continuation.
“Bitcoin successfully retested the 2021 cycle high -- but bears are going for a second attempt of pushing prices lower,” fellow trader Jelle continued, referring to the day’s return to near $69,000.
“Time to wait and see what today brings. Once price successfully holds above $71,400, new all-time highs are next.”
A further post maintained a breakout target of $82,000.
Others were more cautious, among them trader and chartist Credible Crypto, reiterating an existing theory that called for a fresh BTC price dip to $60,000 or lower.
“Covered the move up to the highs that we are seeing now and covered the correction after that I expect to follow. Nothing has changed,” part of an X update stated.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
