Key Events To Watch Out For This Week in the Crypto Market!
As a crypto enthusiast, you are always on the lookout for the latest developments in the cryptocurrency market. This week promises to be an exciting one, with several key events that could potentially shape the future of the market. Here’s what you should be keeping an eye on:
Is The Pre-Halving Retrace Over?
Considering that the cycle has already proven unique, especially with BTC hitting a new all-time high (ATH) before the Halving, investors will undoubtedly be wary about the flagship crypto making one last price correction this week. In one of his recent posts, Rekt Capital also admitted that it is still uncertain whether or not the bottom is in.
- The phases of the Bitcoin Halving, including the pre-halving retrace, have been highlighted by crypto analyst Rekt Capital.
- Whale activity this week will also give an idea of the current sentiment in the market as the Halving event draws near.
- If whales signal a bullish sentiment, the market may have moved to the next Halving phase, which is the “Re-accumulation” phase.
Spot Bitcoin ETFs And The Derivatives Market
The net flows the Spot Bitcoin ETFs record this week will be critical in determining the current market sentiment. They have experienced mixed flows in the last two weeks, something which has given a more bearish than bullish outlook. Things could pick up this week with BlackRock expanding the list of authorized participants for its iShares Bitcoin Trust (IBIT).
- BlackRock has expanded the list of authorized participants for its iShares Bitcoin Trust (IBIT), including notable names like Goldman Sachs, Citadel, and Citigroup.
- The derivatives market will be closely watched this week as many positions could be wiped out depending on market volatility.
- Nearly $72 million could be liquidated if Bitcoin rebounds to $70,875, potentially helping the bulls regain control over the market.
Hot Take: Bitcoin’s Price Action This Week
Bitcoin (BTC) is back below $70,000 after momentarily rising above this psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug of war continues, it will be interesting to see how the market reacts to the key events mentioned above. Stay tuned for more updates on the crypto market!
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