Bitcoin (BTC) has dipped below $70,000 after a brief surge above that mark. This suggests that bears are still in charge, and that could continue this week. Here’s what to keep an eye on:
Pre-Halving Retrace
Analysts believe the pre-halving retrace, a typical price drop before Bitcoin’s halving event, may be over. However, the cycle has been unusual, and investors are cautious about a possible last-minute correction.
Whale Activity
Whale activity will provide insights into market sentiment. Large purchases indicate optimism, while sell-offs strengthen the bearish narrative.
Spot Bitcoin ETFs and Derivatives Market
The net flows into Spot Bitcoin ETFs will reveal market sentiment. BlackRock’s recent expansion of authorized participants for its IBIT ETF could bring in more money.
Meanwhile, the derivatives market could see significant liquidations if Bitcoin rebounds to $70,875, potentially giving bulls an advantage.
