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Bitcoin (BTC) News Today: ETF Inflows, Bitcoin Halving, the Fed, and $80K

By:
Bob Mason
Published: Apr 8, 2024, 03:26 GMT+00:00

Key Points:

  • Bitcoin (BTC) advanced by 0.64% on Sunday, ending the session at $69,417.
  • Investor sentiment toward the BTC-spot ETF market and the upcoming halving event supported a BTC return to $70,000.
  • BTC-spot ETF market flow data, US economic indicators, and Fed speakers need investor attention.
Bitcoin (BTC) News Today

In this article:

On Sunday (April 7), BTC advanced by 0.64%. Following a 1.56% gain on Saturday, BTC ended the session at $69,417. BTC revisited the $70,000 handle for the first time in six sessions.

BTC-spot ETF market flow data from the week ending April 5 continued to fuel buyer demand for BTC. The BTC-spot ETF market saw total net inflows of $484.3 million. However, net inflows were below levels from the previous week ($859.7 million).

Sustained demand for BTC-spot ETFs is a price-positive signal for BTC as the Bitcoin halving approaches. Ten days remain until the heavily anticipated Bitcoin halving. The upcoming cut in supply and resilient demand, stemming from the BTC-spot ETF market, could support a BTC move toward $80,000.

Bitcoin Halving in 10 Days.
BitcoinHalvingCountdown 080424

However, Fed monetary policy remains a factor, with US economic indicators affecting BTC-spot ETF market trends. Potential Fed interest rate cuts might increase demand for BTC. This week, US inflation data could impact expectations regarding a June Fed interest rate adjustment.

The US Jobs Report supported market expectations the US will avoid an economic recession. Fed rate cuts, favorable macroeconomic conditions, resilient demand from the BTC-spot ETF market, and the halving event would offer bullish signals.

On Saturday, Bitwise Invest CEO Hunter Horsley shared his views on the performance of the Bitwise Bitcoin ETF (BITB), saying,

“$47,000,000 total inflows to BITB this week. Now > 32,000 BTC in the fund. Over 150 new firms – wealth teams, RIAs, family offices, institutional investors — allocated with Bitwise for the first time in Q1. Grateful for the opportunity to be a specialist partner to investors accessing the space. Onward.”

BITB ranked third by total net inflows in the week ending April 5, behind iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC).

Technical Analysis

Bitcoin Analysis

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

A BTC move through the $70,000 handle could give the bulls a run at the March 14 ATH of $73,808. A break above the ATH would bring the $75,000 handle into play.

On Monday, BTC-spot ETF market flow data, US economic data, and Fed chatter need consideration.

Conversely, a BTC fall through the $69,000 support level could signal a drop to the $64,000 support level.

With a 14-Daily RSI reading of 55.01, BTC may break through the all-time high of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 080424 Daily Chart

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs. The EMAs confirmed the bullish price trends.

An ETH break above the $3,480 resistance level could give the bulls a run at the $3,650 handle. A breakout from the $3,650 resistance level would support a move toward the $3,835 resistance level.

ETH-spot ETF-related news will remain the focal point.

Conversely, an ETH fall through the 50-day EMA could bring the $3,244 support level into play. A break below the $3,244 support level could give the bears a run at the $3,033 support level.

The 14-period Daily RSI reading of 49.24 indicates an ETH fall to the $3,033 support level before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 080424 Daily Chart

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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