Today is a bit weird. Bitcoin and Bitcoin haven't moved much, while the altcoins are falling sharply. Moreover, all signs indicate that Bitcoin rebound sentiment is hot! This may be a good time to buy the altcoins at the bottom. After the news of ETH ETF was released, the BTC price hit a strong liquidity area of about $71,500, which is another trap set by market makers. Despite this, bulls have managed to keep the price above the support level of $67,241, showing a strong bullish trend. The overall market environment looks very solid, which may support further price increases and even a new all-time high (ATH).
Now that the monthly close is approaching, volatility may increase slightly, but the impact on Bitcoin (BTC) prices should be limited. As traders are uncertain about the upcoming trend, trading volume remains below the expected level. Therefore, a bullish close this month may trigger a strong rally until the semi-annual close.
Data shows: Buyer demand returns, and the Bitcoin market returns to the hoarding mode. An important indicator is that BTC spot ETF funds are in an outflow state throughout April.
Starting last week, ETF funds began to flow in again, reaching an astonishing $242 million per day, indicating that buyer demand is back on track!
In addition, both funds under BlackRock bought IBIT issued by BlackRock in the first quarter. Currently, IBIT holds a total of 288,670 BTC, which has surpassed Grayscale's GBTC holdings. Currently, as many as 414 institutions have invested in IBIT and are entering the market one after another. This is a good signal!
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