Bitcoin Price Today: Are Curtains Closing On Explosive $100,000 BTC Rally In 2024?
Bitcoin price today: The spike in investors’ risk appetite after the halving last week has been halted in the last couple of days, with Bitcoin price left with no option to seek liquidity downstream. This lack of interest in buying BTC is reflected in the net outflow volume witnessed in the ETF sector. Moreover, the outlook of the crypto market is generally mundane suggesting exhaustion among investors who were looking forward to an immediate rally at least above $70,000.
Navigating Bitcoin Price Today As ETF Outflows Gain Momentum
Bitcoin price hovers at $63,473 on Thursday, April 7 during US business hours. The prominent has in the last 24 hours sustained a 2.6% drop, adding to a similar drop in the cumulative crypto market cap at $2.46 trillion, CoinGecko shows.
Negative forces in the Bitcoin ETF sector are a hindrance to the scarce digital asset’s anticipated rally to $100,000 by the end of 2024. On the downside, the persistent daily total net outflow volume is weighing BTC and contributing to the decline in value.
According to SoSoValue, ETF volume hit -$120 million on April 23, mirroring the uncertainty in the market. For most ETF issuers, net inflow volume is nonexistent, with Fidelity and Ark Invest standing out in the green with $5.61 million and $4.17 million, respectively.
Grayscale’s GBTC ETF faces the largest outflow volume, recording $130 million on April 23. If sentiment fails to improve in the coming days and weeks, the cumulative total net inflow which stands at $12.29 billion may shrink below the $10 billion mark, exerting more pressure on Bitcoin.
Bitcoin’s technical outlook is not any better considering its position below the 20-day Exponential Moving Average (EMA) and the 50-day EMA (the blue and red lines on the chart).
Based on the Money Flow Index (MFI) an indicator used to monitor the flow of money in and out of BTC markets, sellers have had more impact on Bitcoin price since the record high of $73,835.
With is trend remaining consistent in the oversold region, Bitcoin price could test lower support areas at $62,000 and $60,000 ahead of another recovery attempt.
Further losses to $56,000 and $52,000 cannot be ruled out of the picture, especially with geopolitical tensions in the Middle East remaining of concern to many investors globally. The 200-day EMA (the purple line) lies at $51,327.
On the other hand, for Bitcoin price to flip from the current bearish state, traders must be willing to buy the dip, intending to fill the gap at least to this week’s highest point of $67,360.
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