Market Wrap

Bitcoin Rally Holds Around $63,700 Following 4th Block Reward Halving

Bitcoin had slumped to as low as $59,685 on Friday morning, then rebounded heading into the event.

By Oliver KnightAbr 20, 2024

Large bitcoin investors haven't started to buy the dip yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted.

Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.

By Lyllah LedesmaAbr 15, 2024

Looking beyond today's decline, investors may expect continued market weakness due to the tax season, Ryze Labs said in a report.

Major U.S. equity indices closed the day lower after disappointing CPI numbers, while BTC was up 1%.

Bitcoin is showing resilience despite the slip, but the corrective period might continue for a while before a return to growth, one observer noted.

Flows into the new spot ETFs have been subdued for a couple of weeks, possibly prompting a renewed interest in macro drivers for price direction.

The gains were broad-based, with SOL and AVAX advancing more than 10% over the past 24 hours.

U.S.-listed spot bitcoin ETFs are poised for their first week of net negative flows since late January.

Bitcoin could consolidate first before reclaiming the $69,000 level to reignite its uptrend, one trader noted.

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