Bitcoin Price Forecast: Navigating $66,200 Amid ARK ETF Outflows & dWallet Innovations

Bitcoin (BTC) has seen a slight increase to $66,202, demonstrating a 0.33% rise. For the first time since spot Bitcoin ETFs were introduced in the US, Cathie Wood’s ARK 21Shares Bitcoin ETF saw a record outflow of more than $87 million, outpacing Grayscale’s Bitcoin Trust (GBTC).

On April 2, there was an outflow of about 1,300 BTC from ARKB, which was the second day in a row of withdrawals. Despite this, with $2.2 billion in assets under management, ARKB continues to be the third-largest spot ETF.

In contrast, GBTC experienced a comparatively modest withdrawal of $81.9 million. The price of Bitcoin fell along with the ETF outflows, falling almost 9% from the peak last week to below $65,000.

Furthermore, the introduction of leveraged spot Bitcoin ETFs and the sharp spike in trading volume in March could be factors in the market’s rising volatility.

Revolutionizing Bitcoin: dWallet and Avail’s Unveil Native Rollups Without Wrapping

With the help of dWallet Network and Avail, Bitcoin users will soon be able to access smart contracts without bridging or wrapping their currency.

Through this integration, users may still retain control over their Bitcoin while using dWallet’s smart contracts on Avail’s solution to establish Bitcoin signatures. This method lowers the possibility of hacking or collusion because it doesn’t require consumers to give up control of their Bitcoin.

Users can participate in a variety of activities, including lending, staking, and swapping, without depending on wrapped tokens by activating programmable native BTC.

By opening up new possibilities for decentralized finance and other applications, this advancement broadens the use of Bitcoin and could increase its uptake by strengthening the ecosystem as a whole.

Tochika, Japan’s First Deposit-Backed Stablecoin, is Released by Hokkoku Bank

Customers can use the Tochitsuka app to access Hokkoku Bank’s Tochika, Japan’s first deposit-backed stablecoin, which was introduced by the Ishikawa prefecture-based bank. The software, which was first made to get city points, now acts as a stablecoin wallet.

Tochika and Tochipo points will coexist and be redeemable at associated retail locations, mostly in Suzu City. The goal of this project is to digitalize payments for local gift certificate providers and companies. By year’s end, the bank also intends to launch a peer-to-peer remittance feature.

Hokkoku Bank is implying interregional stablecoin adoption by stating that it plans to work with other institutions to promote a cashless environment.

This change in the stablecoin market in Japan demonstrates an increasing tendency in the financial industry towards digitization, which could have an impact on the adoption of Bitcoin by promoting blockchain innovation and improving digital payment infrastructure.

Bitcoin Price Forecast: Technical Outlook

Bitcoin (BTC) has seen a slight increase to $66,202, demonstrating a 0.33% rise. The digital currency is currently above its pivot point of $65,820, suggesting a bullish sentiment. Resistance levels are set at $66,592, $67,867, and $69,113, indicating potential price ceilings.

On the downside, support is found at $64,574, $63,091, and $61,755. With an RSI of 41, the market shows no overbought or oversold conditions, while the 50-day EMA at $68,778 hints at underlying strength.

Therefore, BTC maintains a bullish outlook above $65,820, though falling below this could prompt a significant downtrend.