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Bitcoin Dips Below $62.5K as CoinDesk’s BTC Trend Indicator Turns Neutral

Apr 15, 2024
    Crypto prices continue to decline, with the Bitcoin Trend Indicator dropping into neutral.Trading volume for BTC remains resilient, however.
In the early Asian market hours, Bitcoin (BTC) experienced a almost 4% decrease, causing its price to dip under $62,500. On the other hand, Ether (ETH) was doing better and traded above the $3000 mark.

The price of the CoinDesk 20, which represents the top 20 largest and most easily traded digital assets globally, currently stands at 2,139, marking a 4% decrease.

The Bitcoin Trend Indicator (BTI) by CoinDesk has changed from bullish to neutral, indicating that bitcoin’s upward momentum may be decreasing. This indicator, which is calculated daily using a specific algorithm, provides information on the trend and intensity of price changes for bitcoin.

Since October 2023, Bitcoin BTI has experienced a notable upward trend or remained in an upward trending zone. This shift occurred following preliminary reports that prominent investment firms were near finalizing talks with the Securities and Exchange Commission (SEC) regarding the approval of bitcoin spot exchange-traded funds (ETFs).

Ether’s trend indicator has also hit neutral as well.

On April 15, according to market data, all other Bitcoin ETFs experienced no withdrawals, except for GBTC.
Last week’s total flow hit negative $82.5 million, most of which came from GBTC outflow.
In spite of the market decline, BTC Spot ETFs saw significant trading activity, recording a weekly volume of about $16.2 billion, equating to an average of $3.2 billion daily. According to Matteo Greco, Research Analyst at Fineqia, who spoke with CoinDesk, the total trading volume since inception has amounted to around $212 billion, with an average of roughly $3.3 billion traded each day.

Simultaneously, Watchcharts.com and Morgan Stanley’s latest report indicate that the costs of high-end timepieces are dropping.

Although equity and crypto markets hit all-time highs in the first quarter, causing a brief respite for prices, the value of pre-owned watches still decreased compared to the previous quarter. It’s too early to assume that the secondary watch market is on the verge of a swift recovery.

The report cites high inventory levels as a reason for the continued decline in market prices.

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2024-04-16 08:21