Bitcoin (BTC) News Today: Robust Demand After Halving Spurs BTC Price Outlook

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Post-Halving BTC-Spot ETF Market Flow Data Signaled Robust Demand

Bitcoin (BTC) advanced by 2.78% on Monday (April 22). Reversing a 0.15% loss from Sunday (April 21), BTC ended the session at $66,876.

Investors returned from the sidelines after hitting the pause button on Sunday (April 21). BTC-spot ETF market flow data for Monday, April 22, signaled robust buyer demand after the Bitcoin Halving event.

According to Farside Investors, the BTC-spot ETF market saw net inflows of $42.5 million, excluding flow data for iShares Bitcoin Trust (IBIT). Highlights of the Monday (April 22) session included:

  • Grayscale Bitcoin Trust (GBTC) saw net outflows of $35.0 million, down from $45.8 million on April 19.
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $34.8 million, down from $54.8 million on April 19.
  • ARK 21Shares Bitcoin ETF (ARKB) recorded net inflows of $22.6 million, up from $12.5 million on April 19.
  • If IBIT registers net inflows for Monday, April 22, seven of the ten newly launched ETFs would report net inflows, the most since the January 11 launch.

There were several takeaways for investors to consider.

  • GBTC outflows trended lower.
  • The BTC-spot ETF market reflected uptrend demand after the Bitcoin Halving event.
  • Robust demand amidst a lower supply environment is a bullish price signal.
  • If IBIT extends its streak of net inflows to 70 days, it would move into the top ten for the longest daily inflows streaks.

ETH Inflow Streaks – The Leaders

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared a chart with the longest daily inflow streak, saying,

“IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via thetrinianalyst (Sebastien Cabral).”

Longest Daily Inflow Streaks 230424

The BTC gains came despite further chatter regarding elevated Bitcoin fees.

Responding to a post on X (formerly Twitter), BitMEX Research had this to say about the high Bitcoin fee,

“The high $128 cost to send Bitcoin is an indicator of success, not failure. On the other hand, this high fee is a negative as it deters usage and future adoption. In the same way, a restaurant that is too crowded is both an indication of success AND contributes to a negative customer experience.”

The US Economic Calendar

As investors consider the demand side of the supply-demand equation, US economic indicators could impact buyer appetite for BTC.

On Tuesday (April 23), the US Services PMI will draw investor interest. Economists expect the S&P Global Services PMI to increase from 51.7 to 52.0 in April. Better-than-expected numbers could further reduce investor bets on a September Fed rate cut. A more hawkish Fed rate path may pressure buyer appetite for riskier assets.

Technical Analysis

Bitcoin Analysis

BTC remained comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A BTC break above the $69,000 resistance level would support a move toward the March 14 all-time high of $73,808.

On Tuesday, investors should consider US economic indicators, the Fed rate path, and BTC-spot ETF market flow data.

Conversely, a BTC drop below the 50-day EMA and the $64,000 support level could give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 52.12, BTC may return to $70,000 before entering overbought territory.

Ethereum Analysis

ETH sat below the 50-day EMA while remaining above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

An ETH breakout from the $3,244 resistance level and the 50-day EMA would support a move to the $3,480 resistance level.

Conversely, an ETH drop below the $3,100 handle would bring the $3,033 support level into play.

The 14-period Daily RSI reading of 47.44 suggests an ETH fall through the $3,033 support level before entering oversold territory.

ETHUSD Daily Chart 230424

 

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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