Bitcoin price rebounded to over $67,940 following the latest data as this article was being prepared. What happened? In the last 24 hours, BTC had fallen to $65,952 but was shaken by employment data released before the US market opened. We had warned about 24 hours ago that this data could increase volatility.
Will Cryptocurrencies Rise?
Bitcoin price returned to $68,500 after hitting its daily low, but it is not signaling a strong comeback. Volumes generally weaken over the weekends, and a recovery was somewhat expected if the ETF data came in strong. Now, data from BlackRock’s IBIT fund has arrived, showing a net inflow of $309.1 million. This figure is the largest since the $328 million inflow on March 27.
Although not yet reflected in the table above, following yesterday’s inflow of $213 million, Spot Bitcoin ETFs may have seen an even larger inflow on the last day of the week. If Fidelity’s inflows are also above $200 million, a rough estimate of $300 million in net inflows is expected. Currently, excluding FBTC, the net inflow is $127.5 million.
The main topic that will affect the performance on Saturday and Sunday will be the FBTC data. Increasing inflows in the last three days of the week could boost optimism. On the other hand, investors will justifiably remain cautious in the first half of the week due to the US Inflation data to be announced on Wednesday. The last two months’ data were poor, and if March inflation is also high, the Fed may have to adopt a more hawkish stance.