Bitcoin under pressure .. losses in ETF boxes and a decline in the market momentum

Despite the optimistic beginnings of the year Bitcoin is now going through a stage of retreat and stagnation, with its failure to penetrate the barrier of 85 thousand dollars, and this situation was clearly reflected in the behavior of the market, as different indicators show that confidence decline and the increasing caution among traders.

An unprecedented wave of clouds from ETF boxes

On Wednesday, April 16, more than $ 170 million of ETF funds associated with Bitcoin came out in the largest withdrawal movement in those funds this week, and these numbers suggest that investors have lost a large part of their confidence in continuing to rise, especially with the dull performance of the currency and its inability to overcome the levels of resistance.

Decline in open decades reflects caution

Parallel to that, the size of the open contracts for Bitcoin has been less than 36 billion dollars, which is a sign of general caution in the market, and the lack of activity in this aspect shows that traders are not currently tending to make bold decisions, whether in sale or purchase, and they are waiting for whether the currency will move steadily in a specific direction.

A slight improvement in the financing rate

Despite the strained atmosphere, the financing rates of Bitcoin have recorded a transformation towards positive after a period of negative values, and this change may indicate the beginning of a limited wave of optimism, but the market still needs stronger proofs of actual improvement before the image changes completely.

Optional contracts tend to optimism

It is striking that traders show a greater tendency towards the Cole -type prediction contracts, which are betting on the high price, and more than 169 thousand contracts of this type are currently active, which indicates that there are those who still hope to rise up to the coming despite the fact that the current reality does not support him strongly.

The market is waiting for the barrier breaking

Until now, the $ 85,000 barrier remains the separation point, and its successful transcendence may revive the market and restore positive momentum, while staying under it will increase the severity of the frequency and may pay more declines, whether in the price or in the confidence of investors.