Bitcoin’s price witnessed a significant surge in the early hours of the week, surpassing the $72.6K mark for the first time since March 14th. This surge brings the leading cryptocurrency tantalizingly close to its previous all-time high, with the crowd attributing much of this rise to the imminent halving event.
With the highly anticipated halving now just 11 days away, market participants are closely monitoring Bitcoin’s price action, expecting further challenges to this key level throughout the week.
However, amidst the excitement surrounding the halving, there are signs of caution as some traders on platforms like Telegram and X are exhibiting overly euphoric sentiments.
Analysts suggest that a small retracement could occur if the crowd’s bullish expectations of the halving event become too exaggerated. The ideal scenario, they say, would be for investors to exercise caution and consider taking profits at current levels rather than succumbing to overly bullish sentiment.
Interestingly, mentions of the Bitcoin halving on platforms like Telegram and X have reportedly reached all-time high levels, indicating heightened interest and anticipation among cryptocurrency enthusiasts.
On the institutional front, data from Spotonchain reveals some notable trends in Bitcoin ETF net inflows for April 8, 2024. The net inflow experienced a significant drop of 210% compared to the previous trading day, now turning negative.
Notably, BlackRock iShares Bitcoin Trust ($IBIT) saw a decrease in single-day inflows to $21.3M, while Bitwise Bitcoin ETF ($BITB) recorded an inflow of $40.3M, surpassing IBIT. Additionally, Grayscale Bitcoin Trust ($GBTC) witnessed an increasing single-day outflow of $303.3M, signaling heightened activity in the institutional sector.
Overall, Bitcoin’s recent surge and the upcoming halving event continue to dominate discussions and market sentiment, with investors closely monitoring developments for potential trading opportunities and market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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