Bitcoin for the second consecutive start of weekly trade recorded a significant uptrend which induced bullish sentiments in the entire crypto space. The altcoins also ranged high significantly, but all remained short-lived as then gains were squeezed from the very next consecutive day. And hence the investors remained trapped at higher ranges waiting for a stronger BTC price rally.
BTC price nowadays has recorded multiple fakeouts and hence the present spike may not be validated as a rebound until it sustains for the next consecutive days. However, a huge possibility of the price tanking back to the initial levels emerges. Moreover, due to the bearish market structure fast approaching, the BTC price may tank below $33,000.
Currently, with the recent flip from the ascending trend line, the BTC price is expected to range towards the $44,000 resistance levels. However, it might be a short-lived one as the price might form a Head n Shoulders pattern. And hence large flip appears to be pre-programmed once the price ranges above $44,500 levels. Moreover, if the price fails to hold at $39,892, then the price may slide down towards the lower support around 33,855.
Huge Outflows from Crypto ETFs Expected this Month
Bitcoin price remained largely uncertain ever since the beginning of April’s trade as the price slid down heavily and consolidated within a narrow range. And this may be the reason that the interest of the traders is slumping at a larger pace. And this may impact the crypto ETFs as April is set to record the highest outflows. The investors are just pulling out nearly half a billion dollars this month.
According to a report from Bloomberg, the crypto-ETF outflow in March 2022 registered nearly $220 million. And according to the market experts, the crypto ETFs are losing their popularity and the recent variations have raised many concerns. Moreover, the aggregated volume across the various crypto exchanges has also dropped significantly.
On the other hand, the search volumes for Bitcoin and the popular cryptos have also been deeply impacted. And hence the present month’s ETF outflow may surpass the previous to record the highest ever levels. Therefore, if the Bitcoin(BTC) price gets impacted, it may be in a pretty negative way.