Bitcoins Heads Higher Once Again to Close the First Week of April Strong

After a week of relatively quiet action, Bitcoin jumped over the weekend once again. It was an uncharacteristic run over the weekend with a sudden move over $69,000. Current prices are close to $72,000, showing that Bitcoin bulls are taking over the action once again. The crypto leader is positioned for a strong weekly close and traders are hoping that the good run will continue into the coming weeks.

We’ve already seen this kind of action previously at the initial move over $70,000. If the strong action continues, we’ll see a strong move toward new all-time highs which is crucial before the halving.

Price Echoing Initial $70K Run

According to Michael van de Poppe, CEO of MNTrading, the current price conditions mimic the original run to $70,000. The area above $69,000 is crucial according to van de Poppe, and if it breaks, we’ll likely see a strong continuation up. There’s a bearish divergence at $72,000 which currently proves legit as Bitcoin is not able to break that price range.

Crypto trader and analyst Rekt Capital supports van de Poppe’s views. He says that Bitcoin is now primed for a bullish weekly candle close which can open it up for new all-time highs. The reason behind the new run is the rebound in net flows in the USA and exchange-traded funds (ETFs). One of the largest among them, BlackRock’s ETF, said that it has added major US banks as authorized participants.

According to data research, there were net inflows of over $200 million on April 5, while the total weekly inflows are just under $600 million.

2x Rally by July?

The biggest optimists on the crypto market say that Bitcoin is poised for a 2x rally by July. The crypto market is truly hoping for a positive run after the halving. Many experts believe that a $140K-$170K price by July isn’t out of reach. Bitcoin has surpassed ATH previously before the halving, and there are high hopes the same will happen now.

Together with the authorized approvals of spot Bitcoin ETFs, there are high hopes that there will be an increased demand for BTC. With the halving in 11 days, we won’t wait for long to see how the action unfolds.