Bitcoin Price Falls More than 5% Following Easter Weekend

Bitcoin Price Falls More than 5% Following Easter Weekend

Bitcoin price drops more than 5% after Easter weekend

After Bitcoin (BTC)) attempted to retest the $68,000 support level on April 1, but faced further weakness as the largest cryptocurrency moved below the $68,000 level, falling by 5.38 % to trade at $66,700 at the time of writing. BTC has declined by 6.3% since the start of the second quarter.

Institutional outflows from spot Bitcoin ETFs continue after the Easter long weekend, which could lead to a further decline in the price of Bitcoin.

On April 1, outflows from Grayscale Bitcoin Trust (GBTC) reached $302.6 million, while inflows from BlackRock’s IBIT and Fidelity’s FBTC were $165.9 million and $44 million, respectively. dollars. This resulted in a net outflow of $85.7 million.

QCP Capital, a Singapore-based trading firm and market maker, warned of increased downward pressure on cryptocurrency spot markets in its latest “Asia Morning Color” update on its Telegram channel.

They reported that the crypto options market provided a first glimpse of the current sell-off, where significant interest in selling calls and buying puts on BTC and ETH put pressure on the fall in spot prices.

They also pointed out that the strong sell-off in BTC and other crypto assets was due to a significant liquidation on exchanges like Binance. Funding rates for perpetual contracts have fallen from 77% to a fixed level.

Looking at the liquidity of the exchange order book on Binance, trading resource material indicators indicated a challenging picture of BTC price action ahead of the upcoming Bitcoin halving. The company highlighted the increased liquidity of bids up to $60,000, suggesting that “smart money” had placed bids up to $62,000.

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