2024

Bitcoin ETF

Bitcoin

April

BTC price opened trading on March 25 above the $67,500 territory, as the bulls staged an 8% weekend recovery from Bitcoin ETFs’ $840 million sell-off last week. 
Bitcoin price battled bearish headwinds last week as <a href="https://crypto.news/bitcoin-etfs-see-a-fifth-consecutive-day-of-net-outflow/" target="_blank" data-type="post" data-id="14260585" rel="noreferrer noopener">ETFs piled on selling pressure</a>. On-chain data trends suggest <a href="https://crypto.news/price/bitcoin/">BTC</a> is poised for more volatility in the week ahead. 
<h2 class="wp-block-heading" id="why-is-bitcoin-price-up-today">Why is Bitcoin price up today?</h2> 
Bitcoin price surged as high as $67,600 in the early hours of March 25, largely thanks to rapid after-market purchases from US-based whale investors over the weekend. 
Bitcoin ETFs recorded the largest weekly negative netflows since inception, with BTC outflows topping $800 million. This sent Bitcoin prices spiraling toward $65,000 at close of trading of March 22. 
However, on-chain data shows how strategic whale investors took advantage of the price dip to acquire more BTC over the weekend, triggering an 8.3% price bounce in the process. 
Cryptoquant’s Coinbase Premium Index chart provides a real-time differences between BTC prices quoted on Coinbase Pro, in comparison to Binance exchange’s. 
<figure class="wp-block-image">
 <img decoding="async" src="https://fxempire-media.s3.amazonaws.com/fxempire-wordpress/uploads/2024/03/Screen-Shot-2024-03-25-at-6.26.42-AM.png" alt="Bitcoin (BTC) Coinbase premium Index vs. Price " class="wp-image-1418646">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Coinbase premium Index vs. Price | Source: <a href="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener">CryptoQuant</a>
 </figcaption>
</figure> 
The Coinbase Premim Index swung upwards as BTC price dipped below $65,000 on March 22, and stayed in positive values over the weekend. 
Coinbase Pro’s clientele is largely dominated by US-based corporate entities looking to trade in a more regulated environment, while Binance dominates global retail trading. 
In essence, positive values of the Coinbase premium index indicates peak buying activity among US-based whale investors creating a slightly higher pricing on Coinbase than Binance. 
While the whales buying pressure appears to have driven up BTC price 8% over the weekend, other vital market metrics suggest that more volatility could follow as the coming week unfolds. 
 You might also like: <a href="https://crypto.news/crypto-market-slumps-8-as-bitcoin-etf-outflows-exceed-836m-but-theres-a-catch/"> Crypto market slumps 8% as Bitcoin ETF outflows exceed $836m, but there’s a catch&nbsp; </a> 
<h2 class="wp-block-heading" id="volatility-ahead-long-term-investors-spotted-moving-btc-worth-6-4-billion">Volatility ahead: Long-term investors spotted moving BTC worth $6.4 billion</h2> 
The 4th Bitcoin halving event scheduled for April 20 is now less than a month away. Strategic investors are making calculated moves to profit off the potential price impact of the BTC halving.&nbsp; 
An unusual trend emerged at the weekend, signaling that some long-term investors could be on the verge of executing a major sell-off.&nbsp; 
The Santiment chart below shows the number of recently-traded coins that had been previously held unmoved for 365 days or more. This serves as a proxy for tracking impending sell-offs among long-term investors. 
<figure class="wp-block-image alignnone wp-image-1418700 size-full">
 <img decoding="async" src="https://fxempire-media.s3.amazonaws.com/fxempire-wordpress/uploads/2024/03/Screen-Shot-2024-03-25-at-10.21.50-AM.png" alt="Bitcoin (BTC) 1-year Dormant supply in circulation vs. Price" class="wp-image-1418700">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) 1-year Dormant supply in circulation vs. Price | Source: <a href="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-01-28T00%3A00%3A00.000Z&amp;dt=2024-03-23T00%3A00%3A00.000Z&amp;emnm=1&amp;emcg=1&amp;wm=price_usd%3Bdormant_circulation_365d&amp;wax=0%3B1&amp;wc=%2326C953%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22node%22%3A%22filledLine%22%7D" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
On March 23, long-term investors moved 97,737 BTC coins that were previously held dormant for over one year.&nbsp; Valued at the the current&nbsp; price of $67,500, the long-term investors have shifted BTC worth over $6.4 billion in to circulation.&nbsp; 
When long-held coins begin to move as ahead of major network event, such as the forthcoming Bitcoin halving, it is a firm indication of an imminent sell-off.&nbsp; 
There’s a possibility that the long-term holders have shifted the coins into a different storage option. However, considering that BTC prices have jumped by over 120% since March 2023, the holders are highly incentivized to sell.&nbsp; 
Hence, if that fresh supply of $6.4 billion worth BTC start trickling into the market supply, it could trigger intense market volatility in the week ahead.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-price-forecast-pre-halving-profit-taking-could-scuttle-75-000-rally">Bitcoin price forecast: Pre-halving profit-taking could scuttle $75,000 rally</h2> 
Drawing insights from the $6.4 billion surge in dormant BTC supply in circulation, Bitcoin price is likely to face intense sell-pressure in the week ahead, potentially scuttling chances of new all-time highs above $75,000. 
Although, bulls currently appear in control having staged an 8% weekend rebound, the placement of leveraged short positions in the derivatives markets shows that breaking above $70,000 could be a tall-order. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="354" src="https://crypto.news/app/uploads/2024/03/Screen-Shot-2024-03-25-at-10.38.58-AM-1024x354.png" alt="Bitcoin price at risk as long-term Investors move to sell $6.4 billion BTC - 16" class="wp-image-14260832">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) price forecast, March 2024 | Liquidation Map | Source:<a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noreferrer noopener"> Coinglass</a>
 </figcaption>
</figure> 
As seen above, the majority of high-leverage short positions are mounted around the $68,400 territory. Seeing that this is a high-volume trade territory, strategic traders could look to execute large profit-taking sell-orders with minimal slippage, while short-traders looking to mitigate losses could also simultaneously deploy stop-loss orders. 
Both of these factors could combine to exert intense downward pressure on Bitcoin price in the coming days. 
But on the flip side, if the market takes a positive turn and BTC breaks above the $70,000, the bulls face minimal resistance on the road to $75,000. 
 You might also like: <a href="https://crypto.news/bitcoin-is-winning-microstrategy-chair-michael-saylor/"> Bitcoin is ‘winning,’ compared to S&amp;P 500, MicroStrategy’s Michael Saylor says: Others disagree </a>

Bitcoin price at risk as long-term Investors move to sell $6.4 billion BTC

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