The Price Of Bitcoin Drops 4% To A Weekly Low As Bids Align With $62K


As weakness was spurred by the Wall Street open, Bitcoin BTC ticked down $66,209 and sought to retest the $68,000 support on April 1.

Traders Of Bitcoin Focus On Support Levels Amidst Initial Downturn

Cointelegraph Markets Pro and TradingView data revealed a troubling start to Q2, with losses in the price of bitcoin surpassing 4.5%. Even though there were no withdrawals from the Grayscale Bitcoin Trust (GBTC), the restoration of institutional flows did not seem to be able to spur more appreciation. Popular trader Daan Crypto Trades offered his opinion on the matter, speculating that the Easter break would play a role. Grayscale shared data from crypto intelligence firm Arkham with his followers on X, saying, “Grayscale didn’t send out anything except some $ETH and other coins which weren’t any noteworthy amounts.” Probably because of the closed marketplaces over Easter. Anticipating the customary inflows and outflows to resume tomorrow. Generally speaking, GBTC outflows “seem to be slowing down,” according to Daan Crypto Trades. On the last trading day of Q1, there was $104 million remaining, a significant decrease from the record $642 million on March 18. While BTC/USD gave traders pause for thought, it is currently at its lowest level since March 25. It was not out of the question for Daan Crypto Trades to see a decline below the 200-period moving average on four-hour timeframes, which is now at $67,330.