Bitcoin started the day with a price of $64,000 but quickly dropped below that level to $64,370 due to selling pressures. Over the past 24 hours, the price dipped even further to $62,673, indicating a narrow trading range as we approach the new week. This could be a cause for concern in the cryptocurrency markets.
Bitcoin (BTC) remains stagnant around the $64,000 mark, with no significant upward movement. Altcoins have seen some modest gains, but there hasn’t been a notable turnaround yet. The prolonged closures below $67,000 have dashed hopes for April.
The Spot Bitcoin ETF has experienced outflows for the past three days, with zero net entries through IBIT. Consistent ETF sales have also depleted companies’ BTC reserves. At the end of the trading week, total net entries fell below $12 billion, reflecting short-term concerns.
Since April 9, there haven’t been any net entries between $150-200 million. In March, there were only a few days with very modest net entries ranging from $31.6 million to $91.3 million. Despite providing explanations for this lack of enthusiasm each time, we might see an expected break (direction unclear) after the upcoming Fed interest rate decision.
The overall situation in the cryptocurrency market is not much different. Total trading volume is on the verge of dropping below $50 billion. The fear and greed index remains neutral, and in the past 24 hours, BTC, ETH, and stablecoins were the most traded assets, followed by SOL and DOGE. Data leading up to the Fed meeting next week has dampened investors’ risk appetite. The US economy’s underwhelming growth and the halt in inflation decline make it challenging to predict the Fed’s decision.
Looking at the top 100 cryptocurrencies, PEPE, BONK, and HBAR have seen gains exceeding 20% this week, making them among the few profitable altcoins. HBAR Coin’s rise can be attributed to a misinterpreted news item involving BlackRock.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.