April 3, 2024
Bitcoin's at $66,090, Traders Ignore Silk Road Sale
Bitcoin price today

Bitcoin’s at $66,090, Traders Ignore Silk Road Sale

Wednesday, April 3, 20224: Bitcoin Price stands at $66,090, surpassing the $66,000 mark, showing resilience in the cryptocurrency market despite reports of Silk Road Bitcoin sales. After reaching lows of around $64,500 at the end of the day, there has been a slight recovery in the BTC price, as indicated by data from Markets Pro and TradingView.

BTC/USD 1-hour chart. Source: TradingView

The United States government’s move to transfer over 30,000 BTC (equivalent to $2.1 billion) confiscated from the defunct marketplace Silk Road and the subsequent sale of 2,000 BTC (approximately $133 million) initially stirred concerns in the market. However, traders swiftly urged for a composed response.

In every market, we’ve got bullish and bearish narratives, noted Michaël van de Poppe, founder and CEO of trading firm MNTrading. “At peak bullish momentum, you’ll see a huge impact of every bearish narrative. This time, it’s the Silk Road Bitcoin being transferred.”

Van de Poppe expressed contentment over the increased availability of BTC supply, highlighting the diversity of perspectives in the market. Others emphasized the limited significance of the amount sold.

Positive Inflows to U.S. Spot Bitcoin ETFs Counterbalance Government Sell-Off

Source: Thomas Fahrer

On the buying side, recent data from sources such as United Kingdom-based investment firm Farside revealed total inflows to U.S. spot Bitcoin exchange-traded funds (ETFs) exceeding $40 million on April 2. When combined with the $183 million inflow observed on March 28, the previous Wall Street trading day with a positive net flow, the total inflow surpassed the government sell-off amount.

In his latest market update, popular trader Skew expressed hope for sustained momentum from spot buyers. “Nice sweep of the lows & good buyback reaction. Need follow-through from buyers now,” he shared regarding BTC/USD on four-hour timeframes.

Bitcoin ETF flows (screenshot). Source: Farside

Optimism Amid Market Corrections

Amidst market fluctuations, trader Jelle remained optimistic, highlighting the successful navigation of significant long-term resistance hurdles by Bitcoin bulls. Van de Poppe echoed this sentiment, emphasizing the normalcy of corrections in market cycles and advocating for a healthy and organic market environment.

“Corrections are normal; they do happen. You’ll see them happening in every market circumstance, independent of whatever narrative,” Van de Poppe stated, reinforcing the belief in buying opportunities during market dips.

Source: Jelle

In conclusion, despite the turbulence induced by Silk Road BTC sales, Bitcoin demonstrated resilience and regained momentum, with market participants maintaining a balanced perspective and optimism for future growth.

Image by fabrikasimf on Freepik

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