Bitcoin analysis eyes CPI as whales 'pressure' BTC price below $69K
Bitcoin (BTC) stayed indecisive after the April 9 Wall Street open amid a warning that macro data could spark further BTC price downside.
Analysis: Bitcoin whales may leverage "hot" CPI print
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $69,000 as Wall Street returned.
Bulls continued to lack momentum to reclaim further ground toward current all-time highs of $73,800.
Analyzing order book data, trading resource Material Indicators drew attention to whales attempting to draw price lower in order to enter fresh long positions. The target timeframe, it explained in analysis on X (formerly Twitter), was the United States Consumer Price Index (CPI) print, due for release on April 10.
“We've seen this behavior frequently around economic reports,” it wrote.
“If Wednesday's Core Inflation numbers are hot, they'll likely be able to extend the downside move. However, what often happens in these scenarios is that whales long the dip and exploit the upside liquidity void they just created for a relatively quick move up.”
An accompanying chart showed the nearest firm wall of bid liquidity situated at $66,500 on largest global exchange Binance.
"Bitcoin is rejecting from this blue Range High ($71300) at the moment," fellow popular trader Rekt Capital continued while examining the weekly chart.
"Bitcoin is thus sandwiched between the old All Time Highs of $69000 (support) and the highs from two weeks ago of $71300 (resistance). There's scope for consolidation here going forward."
GBTC outflows keep mounting
Pressure meanwhile continued among the spot Bitcoin exchange-traded funds (ETFs).
Related: Plotting the path to $80K — 5 things to know in Bitcoin this week
As Cointelegraph reported, April 9 saw a net outflow of $200 million, driven mostly by a large outflow from the Grayscale Bitcoin Trust (GBTC).
This caught market observers off guard, and preliminary data for April 10 saw those GBTC outflows only accelerating.
The numbers from crypto intelligence firm Arkham, shared to X by popular trader Daan Crypto Trades, put them at around 6,200 BTC ($434 million) — the largest tally in dollar terms for several weeks.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
