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“Trump’s weekend tariff exemptions have led to an instant crypto market rise. The tech sector is much less impacted by high import costs compared to 24 hours ago, and Bitcoin has already hit a high of $85.9K.”
US BTC-Spot ETF Market Faces Outflows
Ahead of the weekend’s developments, an intensifying US-China trade war continued to influence BTC-spot ETF price trends. According to Farside Investors, weekly flow data for the week ending April 11 showed:
- iShares Bitcoin Trust (IBIT) had net outflows of $342.6 million, its largest since launch.
- Grayscale Bitcoin Trust (GBTC) posted net outflows of $160.9 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net outflows of $74.6 million.
- Meanwhile, Grayscale Bitcoin Mini Trust (BTC) bucked the trend, with inflows of $2.4 million.
The US BTC-spot ETF market registered total net outflows of $707.9 million, adding to the previous week’s outflows of $165 million. However, outflows eased to $1 million on April 11, suggesting potential stabilization.
ETF flows remain a vital gauge of BTC’s supply-demand dynamics and price momentum.
BTC Price Outlook: Key Drivers
BTC’s near-term path depends on trade developments, macroeconomic indicators, the progress of the Bitcoin Act, and ETF flows.
- Bullish Scenario: Easing global trade tensions, upbeat US economic data, progress on the Bitcoin Act, and renewed ETF inflows may drive BTC toward its record high of $90,000.
- Bearish Scenario: An escalation in the global trade war, weak US data, resistance to the Bitcoin Act, 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 gains, BTC continues trading below the 50-day and 200-day Exponential Moving Averages (EMA), sending bearish price signals.
A break above the EMAs and the $86,263 resistance level could enable the bulls to target the $90,742 resistance level. A decisive move above $90,742 would bring the crucial $100,000 level into play.
On the downside, a drop below $85,000 could test support at $80,000. A fall through $80,000 might expose the March 11 low of $76,642.
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