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According to Farside Investors, weekly data through April 4 showed:
- WisdomTree Bitcoin Fund (BTCW) had net outflows of $44.6 million.
- iShares Bitcoin Trust (IBIT) saw net outflows of $35.5 million.
- Bitwise Bitcoin ETF (BITB) reported net outflows of $24.1 million.
- ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $22.2 million.
Meanwhile, Grayscale Bitcoin Mini Trust (BTC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Franklin Bitcoin ETF (EZBC) logged net inflows. The US BTC-spot ETF market registered total net outflows of $165 million, ending a two-week inflow streak. This shift in flows placed pressure on BTC, which closed below the $85,000 mark for a third straight session.
BTC Price Outlook: Key Drivers
BTC’s near-term outlook will hinge on several crucial factors, including trade developments, macroeconomic data, the Bitcoin Act’s progress, and ETF flows.
- Bullish Scenario: De-escalation in the global trade war, softer US inflation, progress on the Bitcoin Act, and renewed ETF inflows may drive BTC toward its record high of $109,312.
- Bearish Scenario: Setbacks to the bill, an escalation in the global trade war, hotter US inflation, and continued ETF outflows could pull BTC toward the $70,000 level.
For deeper insights on macro data, regulatory developments, and ETF market flows, follow our analysis and forecasts here to manage crypto risks.
Technical Analysis
Bitcoin Analysis
Despite this week’s gains, BTC remains in a bearish technical setup, trading below the 50-day and 200-day Exponential Moving Averages (EMA). These levels are sending negative price signals.
A break above the 200-day EMA and the $86,263 resistance level could signal a move higher toward the 50-day EMA. A decisive move through the 50-day EMA may bring the $90,742 resistance level into play.
On the downside, a drop below $80k would expose the March 11 low of $76,642. Further weakness may test the $73,641 support level.
With a 14-day Relative Strength Index (RSI) reading of 45.86, BTC has room to drop toward the March 11 low of $76,642 before entering oversold territory (RSI below 30).
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