The price of Bitcoin is currently at $67,850 while altcoins are showing signs of recovery. On April 5th, there was a net inflow of $204 million into the Spot Bitcoin ETF, but it is noted that this figure is lower than previous days. Predictions for Bitcoin price over the weekend are being anticipated.
Optimistic Signals
While inflation data being released on Wednesday causes market concerns, it is anticipated that the selling of GBTC by Genesis could lessen pressure in the ETF market. Additionally, it is indicated that the Reserve Risk indicator is continuing to recover and long-term investors could start accumulating.
Bitcoin Price Predictions
Another data indicating the potential for a price increase is the DAA Difference. If there is an increase in active addresses while the price is falling, it supports the accumulation trend and therefore, a potential increase. Additionally, it is emphasized that the upcoming Bitcoin halving event on April 20th positively impacts prices historically, emphasizing the continuation of long-term optimism.
Useful Information for Readers
The price of Bitcoin could test $70,000 over the weekend.
Closing above $71,370 suggests the price could be higher before the halving.
Weakness at the $68,250 resistance level makes a definite rally expectation difficult.
In a bear scenario, $65,300 and $61,730 are highlighted as target prices.
According to indicators, the Bitcoin price could push the $70,000 mark over the weekend, but current market conditions and potential resistance levels should be considered for a definite rally expectation. It is reminded that investors cannot predict the future and the crypto market is open to surprises.
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