Why is Bitcoin Price Up today? This $2.1B Signal provides Insights

Bitcoin (BTC) price surged to a 20-day peak of $72,212 on April 8, sparking hopes of new all-time highs before the Halving date. On-chain data shows strategic bull traders mounting buy orders to front-run possible upside from Bitcoin ETFs activity in the week ahead.

Is Bitcoin price on the brink of a major breakout above $80,000?

Why is Bitcoin Price up today?

Bitcoin price recorded a dramatic 4.3% surge on Monday, April 8, 2024, largely due to strategic bull traders mounting buy orders to front-run possible upside from Bitcoin ETFs activity in the week ahead.

In the previous week between April and April 6, Bitcoin ETFs increased their cumulative holdings from 831,550 BTC to 836,120 BTC.  Essentially, despite the while Grayscale (GBTC) outflows dominating the headlines, the other 10 Bitcoin ETFs managed to add over 4,570 BTC ($330 million) to their holdings.

But following the better-than-expected reports from the latest Non-Farm Payrolls data reported on Friday April 5, the buzz surrounding imminent Fed rate cuts have grown even louder.

Speculative bull traders now anticipate that Bitcoin ETFs will now look to buy more BTC before the April 20 Halving event.

In effect, on-chain data observed in the morning hours GMT on April 8, shows that BTC bulls have mounted a significant volume of buy orders, potentially to get ahead the curve before Bitcoin ETF open for trading at 9am E.T (GMT+6)

BTC Price Forecast: $2.1 billion buy-wall to drive more upside?

In affirmation of the bullish stance observed above, Bitcoin buy orders have soared in the last 24-hours.

IntoTheBlock’s aggregate exchange order books chart below shows that the Buy-orders for BTC are towering above sell-orders, a move that could drive prices further upwards as the week unfold.

As seen in the chart the bulls mounted a $2.1 billion buy-wall, listing active orders to purchase 29,000 BTC at an average price of $72,160. Meanwhile traders have only listed 23,000 BTC sell-orders.

This excess market demand of 6,000 BTC could intensify the upward pressure on prices, especially if the ETFs begin the week on a buying trend.

In terms of short-term price prediction, BTC is likely to face initial resistance at the previous peak of $73,990 recorded in mid-March.

If the bulls can capitalize on the excess market demand, to establish a steady support above $74,000, BTC price could surge toward thee $80,000 ahead of the halving.