⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here

      

Bitcoin Drops 13%: Will GBTC Outflows Force Price To $53,000?

The Bitcoin sell-off is not slowing down, at least looking at the performance in the daily chart. After a brief consolidation period, BTC fell harder on April 17, extending losses and inducing more pain for HODLers. At the current formation, it is evident that sellers have the upper hand, and the coin could slump even more if buyers fail to plug the bleed.

Bitcoin is down 3% in the past trading day and 13% in the previous week. Overall, the path of least resistance is southwards in the short term. Though buyers are still in control from a top-down preview, further losses today might weaken the grip of bulls, turning the tide around. In the past 24 hours, the average trading volume stands at $42 billion, up 9%.

Bitcoin daily chart for April 18

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

Traders are looking at fundamental factors. The following Bitcoin news might influence price action:

  • Inflows into spot Bitcoin ETFs continue to slow down. In the past day, there have been more outflows from GBTC, which is unwinding and converting the product into an ETF. At the same time, BlackRock is accumulating more BTC and may soon flip GBTC, a net positive for price.
  • Halving is less than 36 hours from now. Once it happens, a supply crisis is expected. While its impact might not be immediate, prices might benefit if the current demand is sustained. In the meantime, there are concerns about possible miner centralization.

Bitcoin Price Analysis

BTC/USD is under pressure at spot rates.

With more outflows from GBTC, the coin is selling off hard. This can only be countered by more inflows into spot Bitcoin ETFs; creating demand.

Considering the current candlestick arrangement, every high might offer entries for sellers targeting $60,000.

From the daily chart, if Bitcoin breaks below $60,000, confirming the bear breakout of April 13, the coin might slip to as low as $53,000 in the near term.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
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.
Related Articles