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Bitcoin Pinned Below $70,000: Will Spot BTC ETF Rivalry Improve Sentiment?

Bitcoin is stable when writing. However, even with the confidence among traders, the coin is unable to break free from the grasp of determined sellers. Prices are still inside the bear bar of April 2, meaning BTC is within a bear breakout formation. This preview remains as long as prices are below the $68,500 and $70,000 resistance zone, clear in the daily chart.

In the past 24 hours, Bitcoin is steady, adding 2%. Looking at the previous week, the coin is down 5%. Still, the recovery in the past 48 hours is visible. So far, the average trading volume in the past 24 hours is up 20% to around $36 billion.

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Bitcoin daily chart for April 5

Traders are closely monitoring the following Bitcoin news events:

  • Rumors are that Morgan Stanley and UBS plan to list spot Bitcoin ETFs. With this, Morgan Stanley is reportedly keen to beat UBS. The stiff competition between these two players is very bullish for the broader crypto landscape.
  • Today, traders will be looking at job reports in the United States. If labor conditions improve, the position of the Federal Reserve on monetary policy will be swayed, impacting crypto prices.

Bitcoin Price Analysis

BTC/USD is bearish when writing.

Even though the uptrend remains, the path of least resistance in the short term is evident.

Resistance levels remain at $68,500 and the $70,000 level. However, Bitcoin bulls must break above $71,700 for the trend to be clear.

If gains of the past two days are reversed, BTC might glide to as low as $60,000 in a bear trend continuation pattern. This formation might offer aggressive traders an opportunity.

 

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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