Over the weekend, Bitcoin exhibited a sudden surge, breaching the $69,000 mark and peaking at local highs of $69,781 on Bitstamp, as reported by data from Cointelegraph Markets Pro and TradingView.
Traders, observing this upward momentum, recalled similar weekend scenarios, expressing hopes for continued upside as the new week approached.
Daan Crypto Trades, a renowned trader, remarked to followers on X (formerly Twitter), highlighting the unusual weekend activity where prices steadily climbed instead of stagnating at a fixed level.
According to Michaël van de Poppe, the founder and CEO of trading firm MNTrading, the price range just above $69,000 held significant importance at the time of reporting, as it could potentially propel Bitcoin towards its pre-halving all-time highs.
However, analysis also indicated the presence of a bearish divergence, suggesting the likelihood of a price rejection around the $72,000 mark.
Offering insights into the market sentiment, popular trader and analyst Rekt Capital suggested a bullish outlook for Bitcoin’s weekly candle close, emphasizing the importance of maintaining levels above $69,000 until the week’s end.
Meanwhile, optimism surrounding institutional inflows intensified as Bitcoin surged towards new highs in April.
A rebound in net flows among United States spot Bitcoin exchange-traded funds (ETFs) set a positive tone for institutional investment, complemented by news of major developments in the crypto space. This included the completion of share sales in the Grayscale Bitcoin Trust (GBTC) by bankrupt crypto lending firm Genesis, along with BlackRock’s addition of prominent U.S. banks as “authorized participants.”
Recent data, including insights from United Kingdom-based investment firm Farside, indicates a steady increase in net ETF inflows, with April 5 witnessing over $200 million in net inflows and the week’s total reaching approximately $570 million.
