New Bitcoin whales, ETFs are up only 1.6% in unrealized profit — Is the BTC bottom in?

Institutional investors and Bitcoin exchange-traded fund holders are barely up in unrealized profits, suggesting that this cohort is likely not to produce much selling pressure in the short term. So was the dip below $60,000 the local bottom for Bitcoin on the daily chart, for example, is 46, which means that the asset’s price is neutral, down from 76 on March 17, when Bitcoin was overbought.

Bitcoin’s retrace to below $60,000 earlier this week may have marked the local bottom for the market, argues Arthur Cheong, founder and CIO of DeFiance Capital. Cheong wrote in an April 19 XAdditionally, Bitcoin price broke out from a significant channel on the 4-hour chart. This suggests that $72,000 could be up next, according to popular crypto trader Satoshi Flipper’s April 19 XInstitutional net inflows from the ten U.S. spot Bitcoin ETFs have turned negative on the week of the halving.

“While some might anticipate a drop post-halving, the sustained institutional interest and decreased block rewards should keep BTC prices stable or slightly bullish, avoiding the typical 'sell the news' fallout.”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.

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