After the halving on April 19, Bitcoin’s price has shown a puzzling performance. BTC initially gained almost 10% to trade as high as $67,020 on April 24. However, over the past two days, the price of the digital asset has fallen 6.49%, falling below $63,000.
As expected, such negative performance has attracted the attention of investors and market speculators. Notably, renowned
BTC potential price drop ahead?
In a X message on April 26, Rekt Capital stated that Bitcoin has now entered the post-halving ‘danger zone’. The analyst described this phenomenon as a period where Bitcoin has historically undergone price corrections following the halving. Rekt Capital noted that in 2016, Bitcoin recorded these price repeats in the three weeks following the Halving. During this time, the token’s price fell by 11%.
The analyst hypothesizes that Bitcoin is now in the post-halving “danger zone” of the current bull cycle, following the price decline over the past two days. It is worth saying that if Bitcoin reflects past price movements at this stage, the token could head towards $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks.
At the time of writing, Bitcoin transactions about $62,672 with a decline of 2.44% in the past day. This price drop underlines BTC’s negative performance over the past month, during which it has lost 11.16% of its market value.
BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com
Bitcoin ETFs Record Small Inflows; Net outflows reached $217 million
According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows of $217 million on April 25. Unsurprisingly, Grayscale’s GBTC was responsible for $138 million of these figures, as total outflows are now approaching $17 billion.
Notably, for the first time ever, Fidelity’s FBTC and Valkyrie’s BRRR produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invest’s ARKB and Bitwise’s BITB also suffered investment losses on Thursday.
Interestingly, all other Bitcoin Spot ETFs recorded zero net inflows, except Franklin Tempton’s EZBC, which saw net inflows of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting remarkable growth since their trading debut on January 11.
Featured image from The Economic Times, chart from Tradingview
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.