Following the Wall Street open on April 12, Bitcoin (BTC) fell to $69,000. Gold has outpaced BTC price action. Towards the end of the week, BTC/USD performance appeared stagnant. Despite lower outflows from Grayscale Bitcoin Trust (GBTC), it appeared reluctant to be optimistic as Bitcoin's bid liquidity below $70,000 is depleted.
Risky asset gains were limited to gold, which hit new record highs of $2,431 per ounce on the day. US stocks have been on the same side as Bitcoin, with the S&P 500 and Nasdaq 100 indexes down around 1% at the time of writing.
Now, BTC/USD, which has been in a tight range for several weeks, has provided little news for traders on short timeframes, with attention increasingly focused on the upcoming block subsidy halving as a potential source of volatility.
In a previous post, Rekt Capital added that reaccumulation could take up to five months. “Many investors are becoming bored, impatient and frustrated at this stage due to the lack of major results in their BTC investments immediately following the Halving,” he said.
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