Crypto markets have since the halving in the third week of April remained in a state of boredom, with Bitcoin price forecast revealing potential technical uncertainties. The technical outlook reveals a resistance forming at $65,000 while the short-term support at $62,000 means continuing ranging price movement.
Bitcoin price has in the last 7 days lost 5.6% of its value to $62,243. Major altcoins including Ethereum (ETH), Solana (SOL), XRP and more are in the red. This generally bearish outlook reflects a 3% drop in the cumulative market cap to $2.42 trillion.
Bitcoin Price Forecast: What’s Next For BTC As ETF Flows Reverse
The impact of Bitcoin ETFs on Bitcoin was so significant that the largest asset soared to a new all-time high before its halving cycle – something that had never happened before.
Institutional and retail investors increased their exposure to Bitcoin through the ETFs, igniting a remarkable rally to $73,837 — CoinGecko data shows.
However, the last several weeks have drastically changed the market outlook despite Bitcoin halving. The slow uptick of the ETF is noticeable, with experts believing that it is contributing to the ongoing doldrums.
According to data from SoSoValue, the cumulative total net inflow volume had scaled down to $11.99 billion from a peak of almost $13 billion in March. As of April 26, the total daily outflow was $83.61 million.
Grayscale’s GBTC ETF accounted for the lion’s share of the outflows with $82.42 million withdrawn by investors. The only ETF in the green as shown in the table below is ARKB by Ark Invest and 21 Shares, recording a daily net inflow of $5.43 million.
Where Will Bitcoin Price Bottom Before Post-Halving Bull Run
The ballistic rally in Q1 was strongly attributed to the ETFs’ impact on Bitcoin price. Altcoins saw minimal gains unlike during previous bull markets where most of them hit new all-time highs.
With the halving already in place, Bitcoin supply will gradually decrease amidst increasing demand — thus igniting another bull market phase. A positive turnaround of the ETF in the coming weeks and perhaps months will further drive demand for BTC, thus creating a bullish environment.
Support at $62,000 holds steady for now but more losses are likely seeing that BTC price sits under two key bull market indicators. These are the 20-day Exponential Moving Average (EMA) and the 50-day EMA (the blue and red lines on the chart).
The grey band on the chart represents an area of interest for the bulls and bears. If defended as support, investors can look forward to continued accumulation before Bitcoin price rebounds towards $70,000.
The Relative Strength Index (RSI) after rising to 45 affirms a strengthening bullish grip. Traders would be interested in the direction the RSI takes, with further upward movement likely to encourage longing BTC. On the other hand, sellers are betting on extended dips below the grey band or the $60,000 level. The current technical picture shows no signs of an immediate bottom, with prices likely to keep dropping in May. A sudden dip in the RSI toward the oversold could ignite interest in BTC shorts, thus adding pressure to an already weakening technical structure.
The post Bitcoin Price Forecast: Is The BTC Post-Halving Bottom Beckoning, Teasing $100K? appeared first on CoinGape.
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