Market participants eyeball the significance of zero spot ETF flows as Bitcoin price sinks under $60,000.
Bitcoin halvingshowed BTC fell from an opening of $63,814 on April 17, dropping as much as 7.5% to an intra-day low of $59,648., Bitcoin’s price correction has recently accelerated due to stagnating spot Bitcoin ETF demand, a strengthening U.S. Dollar Index and a weakening technical setup.totaling $58 million on April 16. This has been accelerated by $79.4 million and $12.9 million outflows from Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF , respectively.
He added that “minor mismatches will see the market makers handle trading of shares just like they would a stock.” From a technical perspective, the U.S. dollar Index looks on track to rise by more than 0.87% toward the November 2023 high at $106.757.Considering short-term BTC price action, traders looked for levels of crucial importance for Bitcoin.“$62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.”
Glassnode explains that each bar represents the amount of existing Bitcoin that last moved within a specified price bucket, with the price specified on the x-axis referring to the lower bound of that bucket.BTC has since lost this support, which has now turned into an area of strong resistance for its bulls.
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