Bitcoin price started the day at $64,000 but dropped back below after reaching $64,370 due to selling pressures. In the last 24 hours, the price dipped to $62,673 as it continues to trade in a narrow range on the eve of a new week that could be cause for concern. So, what’s the current situation in the cryptocurrency markets?
Bitcoin (BTC)
Hovering around the $64,000 mark, the BTC price continues to linger around this level. While altcoins have made modest gains, a significant turnaround has yet to start. Bitcoin‘s prolonged closures below $67,000 have dashed hopes for April.
Spot Bitcoin ETF has seen clear outflows for the last three days. IBIT entries have zeroed out, and consistent ETF sales have also depleted companies’ BTC reserves. After the last trading day of the week, total net entries fell below $12 billion, clearly reflecting short-term concerns.
As of April 9, we have not seen any net entries between $150-200 million. Ignoring the April 10 entries, there were only a few very modest net entry days in March, ranging from $31.6 million to $91.3 million. Despite explaining the reasons for this lack of enthusiasm each time, we might see an expected break (direction unclear) after the upcoming Fed interest rate decision.
Current State of Cryptocurrencies
The situation is not much different across the market. Total trading volume is about to drop below $50 billion. The fear and greed index remains neutral, and in the last 24 hours, BTC, ETH, and stablecoins were the most traded assets, followed by SOL and DOGE. Data ahead of next week’s Fed meeting has dampened investors’ appetite for risk. While the US economy did not grow as expected, the halt in inflation decline makes predicting the Fed’s decision challenging.
Turning to the top 100 cryptocurrencies, this week PEPE, BONK, and HBAR saw gains exceeding 20%, making them among the few profitable altcoins. HBAR Coin rose due to a misinterpreted news item with BlackRock.
