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An unusual weekend saw Bitcoin price movements supporting the bulls, with Bitcoin starting to rise towards the weekly close on the night of April 7. Data from TradingView showed a sudden move over the weekend, with the price exceeding $69,000 and Bitcoin reaching its highest level in recent days at $69,781 on central exchanges.
Noteworthy Comments on Bitcoin’s Performance
With only hours left to the close, investors recalled similar weekend scenarios and hoped the upward movement would continue into the new week. Popular analyst and investor Daan Crypto Trades shared the following with his followers on X:
“This is not a typical weekend because the price mostly rose all weekend instead of moving sideways. We saw this kind of price action a few times during our first move towards $70,000. We usually saw a quick rise after the futures reopened.”
For Michael van de Poppe, founder and CEO of trading firm MNTrading, the area just above the $69,000 that BTC/USD was moving at during the writing was very significant. In a part of his analysis, he stated:
“If this is broken, we will probably see a strong continuation towards the all-time highs before the halving.”
However, an accompanying chart indicated that the downtrend was continuing and increased the likelihood of Bitcoin being rejected at $72,000.
Popular investor and analyst Rekt Capital, who updated his view on BTC/USD, meanwhile agreed that the pair could end the week strongly:
“Bitcoin is now well positioned for a bullish weekly candle close.”
What’s Happening in the ETF Space?
As Bitcoin approached its highest levels for April, optimism also focused on how corporate entries could shape up in the future. The recovery seen in the net flows among the United States spot Bitcoin exchange-traded funds (ETFs) over the past week was defined by the news that the bankrupt crypto lending firm Genesis completed the sale of its billions of dollars worth of shares in the Grayscale Bitcoin Trust.
At the same time, BlackRock, one of the ETF operators and the world’s largest asset manager, announced that it added various major US banks as authorized participants. According to the latest data, which includes the UK-based investment firm Farside, April 5 ended with just over $200 million in net ETF entries, and the total for the week was approximately $570 million.
