- BTC price slipped 4% to a weekly low as Bitcoin bids line up toward $62K
- Bitcoin failed to capitalize on its best-ever monthly close, with BTC price support nearer $60,000 becoming increasingly important
- Smart money has bids laddered down to $62K, illustrating that even institutional players are unsure where the price will land
The price of Bitcoin has slipped 4% to a weekly low as bids line up toward the $62,000 support level. This comes after Bitcoin failed to capitalize on its record monthly close above $47,000.
Bitcoin Price Action
On April 1st, Bitcoin attempted to retest the $68,000 support but the opening of Wall Street trading sparked weakness. Data shows Bitcoin price losses passed 4.5% as institutional inflows were unable to induce further upside despite minimal outflows from Grayscale’s Bitcoin Trust.
Trader Sentiment
Popular trader Daan Crypto Trades suggests the Easter holiday period may be impacting trading activity and institutional flows. He notes that overall Grayscale outflows seem to be slowing down, with just $104 million leaving on the final trading day of Q1.
For Daan Crypto Trades, a dip below the 200-period moving average on 4-hour timeframes, currently around $67,330, is possible. Fellow trader Skew adds Bitcoin remains defensive until back above $70,000.
QCP Capital warns increased downward pressure is mounting across crypto spot markets, citing significant interest to sell calls and buy puts in both BTC and ETH.
Smart Money Support Levels
Examining exchange order book liquidity on Binance, Material Indicators notes increasing bid liquidity further toward $60,000 despite Bitcoin’s history-making 7th consecutive monthly close in the green.
Co-founder Keith Alan highlights over $150 million in BTC bids laddered down to $62,000 after briefly dipping below $69,000. He explains even institutional investors are unsure where Bitcoin will land ahead of the halving, so are happy to dollar cost average between this range given conviction in new all-time highs post-halving.
Conclusion
Bitcoin support between $60,000 and $62,000 is becoming increasingly important after losing momentum from its record monthly close. Traders are eyeing these levels for potential buys from smart money investors who remain confident in new highs after the upcoming halving event.
