Bitcoin (BTC) slid lower into the April 26 Wall Street open as familiar trading conditions kept bulls in check.
Bitcoin ETFs see “rough day”
Data from Cointelegraph Markets Pro and TradingView showed BTC price action coming full circle from highs of $65,300 into the daily close.
A stubborn trading range retained power over the market amid problematic macroeconomic data and weak performance from the United States spot Bitcoin exchange-traded funds (ETFs).
These saw net outflows in excess of $200 million the day prior, extinguishing what was initially a promising start to the week.
“Rough day across the board for the Cointucky derby and the Bitcoin ETFs yesterday,” James Seyffart, a dedicated ETF analyst at Bloomberg, wrote in coverage on X.
“5 ETFs saw outflows for a total of -$217 million. Franklin was only ETF with an inflow at $1.9 million.”
Amid a lackluster mood across crypto, some market participants began to suggest that an overall Bitcoin price trend could stay absent for a longer period.
In his latest X analysis, however, Michaël van de Poppe, founder and CEO of trading firm MNTrading, argued that altcoins would diverge significantly to deliver long-awaited gains.
“Bitcoin is still stuck in a range. I don’t think we’ll see much happening from here for the coming 3-6 months. Slow sideways, perhaps a grind,” he predicted.
“Expecting way more from Altcoins.”
Bitcoin’s dominance of the overall crypto market cap circled 55% on April 26, having come down after peaking at 57% — its highest level in two years — on April 13.
Analyst: Next two weeks classic time for BTC price lows
Updating his monitoring of BTC price performance around the block subsidy halving, meanwhile, popular trader and analyst Rekt Capital gave a two-week deadline for any more significant dips to occur.
Related: Bitcoin bull market may return in $1.4T US liquidity spike — Prediction
“In this cycle, Bitcoin has entered the Post-Halving ‘Danger Zone’ (purple) and is very near the Range Low,” part of his latest commentary explained.
“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”
An accompanying chart compared behavior during the 2024 halving to historical norms.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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