Bitcoin (BTC) fell below $70,000 on April 9 as early excitement from the weekly close faded. <\/p>\n
Data from Cointelegraph Markets Pro and TradingView showed BTC price downside gathering momentum before the Wall Street Open. <\/p>\n
The days lows of $69,635 on Bitstamp represented a 4.3% drop versus the previous days local high with wavering short-term sentiment to match. <\/p>\n
The weeks first Wall Street trading session had broadly disappointed Bitcoin bulls. <\/p>\n
The United States spot Bitcoin exchange-traded funds (ETFs) took in little capital and combined with a $300-million outflow from the Grayscale Bitcoin Trust (GBTC), the days net flows were heavily negative. <\/p>\n
According to data from sources including United Kingdom investment firm Farside, net outflows totaled just over $200 million. <\/p>\n
Surprisingly, even though Bitcoin pumped up yesterday the ETF flows were significantly negative. One of the largest -ever days we have had, popular analyst Mark Cullen wrote in a response on X (formerly Twitter). <\/p>\n
The two largest ETFs, BlackRocks iShares Bitcoin Trust (IBIT) and Fidelity Investments Wise Origin Bitcoin Fund (FBTC), nonetheless avoided losses, maintaining an unbroken streak of inflows. <\/p>\n
Market participants had expected net flows to improve after bankrupt crypto lender Genesis announced last week that it had completed its own multibillion-dollar offloading of GBTC shares, which it would in turn use to buy BTC. <\/p>\n
Overall a very slow day for ETF flows considering the price action, popular commentator WhalePanda wrote in part of his own follow-up analysis. <\/p>\n
Considering short-term BTC price action, meanwhile, traders looked for signs of a reversal upward. <\/p>\n
Related: Plotting the path to $80K 5 things to know in Bitcoin this week <\/p>\n
Trader Crypto Ed, who began the week with an $80,000 target, eyed $73,000 as the first port of call for upward continuation. <\/p>\n
Bitcoin successfully retested the 2021 cycle high but bears are going for a second attempt of pushing prices lower, fellow trader Jelle continued, referring to the days return to near $69,000. <\/p>\n
A further post maintained a breakout target of $82,000. <\/p>\n
Others were more cautious, among them trader and chartist Credible Crypto, reiterating an existing theory that called for a fresh BTC price dip to $60,000 or lower. <\/p>\n
Covered the move up to the highs that we are seeing now and covered the correction after that I expect to follow. Nothing has changed, part of an X update stated. <\/p>\n
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. <\/p>\n
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Bitcoin ETFs see surprise $200M outflow Will the new $69K support hold? - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) fell below $70,000 on April 9 as early excitement from the weekly close faded. Data from Cointelegraph Markets Pro and TradingView showed BTC price downside gathering momentum before the Wall Street Open. The days lows of $69,635 on Bitstamp represented a 4.3% drop versus the previous days local high with wavering short-term sentiment to match. Continue reading