Bitcoin Soars Towards $80K with $630 Million in ETF Inflows, Marking April’s 12% Surge as Its Strongest Monthly Gain in a Year!

As of Monday, Bitcoin is trading at $79,900 after peaking at $80,526 earlier in the session. This notable performance is supported by robust inflows, including a significant $630 million in ETF inflows recorded last Friday. Bitcoin has demonstrated resilience, gaining nearly 12% in April, marking its strongest monthly gain in a year. Analysts, including Akshat Siddhant from Mudrex, indicate that as buyers regain control, the cryptocurrency might continue its ascent, with mid-$80k being eyed as the next target. The ongoing leadership transition within the Federal Reserve is expected to remain a crucial macroeconomic factor influencing risk assets in the coming sessions.

The broader crypto market is also experiencing positive momentum, with the global market capitalization rising 2% to $2.65 trillion. Altcoins are seeing gains, with Ethereum and prominent assets such as BNB, Dogecoin, and Cardano rallying up to 14%. Data from CoinDCX indicates substantial shorts liquidation, with Bitcoin alone accounting for over $157 million. The recent upward trend, showing two consecutive monthly gains, suggests an improving market momentum, although analysts warn that this is occurring against a backdrop of softer spot demand and heightened leveraged futures activity, indicating a complex market landscape.

Market participants express cautious optimism regarding Bitcoin’s recent price movements, affirming its maturity and potential for sustained investor confidence. As per Raj Karkara from ZebPay, Bitcoin’s ability to cross the $80K mark showcases its resilience amid fluctuating market conditions. Technical indicators such as the MACD suggest a mildly bullish sentiment persists, while investor demand appears to endure despite macroeconomic challenges. As the cryptocurrency landscape evolves, stakeholder vigilance remains paramount to navigate the potential volatility ahead.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)