Bitcoin (BTC) attempted to retest the$68,000 support on April 1 as the Wall Street open sparked weakness.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin traders eye support levels amid early weakness
Data from Cointelegraph Markets Pro and TradingView tracked a problematic start to Q2, with BTC price losses passing 4.5%.
The return of institutional flows appeared unable to induce further upside — despite a lack of outflows from the Grayscale Bitcoin Trust (GBTC).
Commenting on the situation, popular trader Daan Crypto Trades suggested that the Easter holiday period may be a factor.
“Grayscale didn’t send out anything except some $ETH and other coins which weren’t any noteworthy amounts,” he told followers on X alongside data from crypto intelligence firm Arkham.
“Likely to do with the markets being closed around easter. Expecting the usual in/outflows again starting tomorrow.”Bitcoin ETF flows (screenshot). Source: Farside
Daan Crypto Trades added that overall, GBTC outflows “seem to be slowing down.” $104 million left on the final trading day of Q1, considerably less than the record $642 million seen on March 18.
Now at its lowest levels since March 25, meanwhile, BTC/USD gave traders pause for thought. For Daan Crypto Trades, a dip below the 200-period moving average on four-hour timeframes, currently at $67,330, was not out of the question.
Source: Daan Crypto Trades
“Price testing 4H/1D trend here, still more on the defensive side till price is back above $70K,” fellow trader Skew added in part of his own X analysis.
In its latest “New York Color” update sent to Telegram channel subscribers, meanwhile, trading firm QCP Capital warned of increased “downward pressure” across crypto spot markets.
“In the last 24 hours, we’ve seen significant interest to sell calls and buy puts in both BTC and ETH,” it reported.
Analysis: “Smart money” aims to buy the dip at $62,000
Examining exchange order book liquidity on the largest global trading platform, Binance, trading resource Material Indicators painted a grim picture for BTC price action between now and the upcoming block subsidy halving.
..
