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Bitcoin (BTC) News Today: BTC Visits $65,000 as Halving Date Approaches

By:
Bob Mason
Updated: Apr 13, 2024, 03:06 GMT+00:00

Key Points:

  • Bitcoin (BTC) slid by 3.70% on Friday, ending the session at $67,428.
  • Pre-Bitcoin halving jitters impacted buyer demand for BTC as investors reconsidered the timing of a Fed interest rate cut.
  • On Saturday, BTC-spot ETF-related news and SEC activity warrant investor attention.
Bitcoin (BTC) News Today

In this article:

BTC Flash Crash Tests BTC-Spot ETF Market Investors

On Friday (April 12), BTC slid by 3.70%. Following a 0.41% loss on Thursday, BTC ended the session at $67,428. Significantly, BTC fell to a session low of $65,133 before retaking the $67,000 handle.

The BTC-spot ETF market saw net inflows for the second successive session on Thursday. Total net inflows declined from $123.7 million (April 10) to $91.0 million (April 11). Grayscale Bitcoin Trust (GBTC) saw net outflows surge from the 2024 low of $17.5 million. However, iShares Bitcoin Trust (IBIT) compensated for the GBTC outflows. According to BitMEX Research,

  • GBTC saw net outflows increase from $17.5 million (April 10) to $125 million (April 11).
  • IBIT saw net inflows surge from $33.3 million to $192.1 million.
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows slide from $76.3 million to $4.6 million.
  • Valkyrie Bitcoin Fund (BRRR) saw net inflows ($8.4 million) for the first time in the week.

Available BTC-spot ETF market flow data for Friday (April 12) were underwhelming.

  • Grayscale Bitcoin Fund (GBTC) saw net outflows rebound further from the Tuesday low of $17.5 million. GBTC net outflows increased from $125.0 million (April 11) to $166 million (April 12).
  • Bitwise Bitcoin ETF (BRRR) had no net flows on Friday (April 12) after seeing net inflows of $11.1 million on Thursday (April 11).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw zero net flows for the first time on Friday (April 12).

Excluding IBIT and BRR, total BTC-spot ETF net outflows were $166 million, according to Farside Investors.

Falling bets on a June Fed interest rate cut, the Uniswap (UNI) Wells notice, and Halving jitters likely impacted flows.

Bitcoin Halving Countdown Clock

The Bitcoin Halving Countdown Clock estimates the halving will happen in seven days and seventeen hours (April 20).

Halving event less than 8 days away.
Bitcoin Halving Countdown 13/03/24

MicroStrategy (MSTR) founder and Chairman Michael Saylor was unfazed by the Friday sell-off. Saylor shared a chart showing the performance of MSTR since adopting its BTC strategy, saying,

“There’s no second best. Bitcoin.”

MSTR shares dropped 4.65% on Friday, ending the session at $1,479.58.

MSTR outmuscles other asset classes.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the $69,000 resistance level would give the bulls a run at the April 8 high of $72,578. A breakout from the April 8 high could support a move toward the March 14 ATH of $73,808. However, BTC must break down resistance at $70,000.

On Saturday, BTC-spot ETF market-related chatter warrants investor attention.

Conversely, a BTC break below the 50-day EMA would bring the $64,000 support level into play.

With a 14-Daily RSI reading of 48.44, BTC could drop below the $64,000 support level before entering oversold territory.

BTC Daily Chart sends bullish price signals.
BTCUSD Daily Chart 130424

Ethereum Analysis

ETH sat below the 50-day EMA while remaining above the 200-day EMA. The EMAs sent bearish near-term but bullish longer-term price signals.

An ETH break above the $3,244 resistance level would give the bulls a run at the 50-day EMA. A breakout from the 50-day EMA would bring the $3,835 resistance level into view.

ETH-spot ETF-related chatter warrants investor attention.

Conversely, an ETH drop below the $3,200 handle would give the bears a run at the $3,033 support level.

The 14-period Daily RSI reading of 41.82 suggests an ETH drop below the $3,033 support level before entering oversold territory.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 130424

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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