Bitcoin is "well positioned" for a strong weekly close, but not everyone is trusting of traditionally unreliable weekend BTC price action.

Bitcoin is "well positioned" for a strong weekly close, but not everyone is trusting of traditionally unreliable weekend BTC price action.

BTC price echoes initial run to $70,000

Data fromCointelegraph Markets ProandTradingViewshowed a sudden move above $69,000 during the weekend, with Bitcoin hitting local highs of $69,781 on Bitstamp.

With the close now just hours away, traders evoked similar weekend scenarios, hoping that upside would continue into the new week.

“Not your typical weekend, as price has mostly grinded up the entire weekend instead of just hovering at the same level,” popular trader Daan Crypto Tradestoldfollowers on X (formerly Twitter).

“We've seen this kind of price action a few times during our initial move to 70K+. Often saw a quick wick after futures re-open, back into up only.”

For Michaël van de Poppe, founder and CEO of trading firm MNTrading, the area immediately above $69,000, in which BTC/USD was acting at the time of writing, was “crucial.”

“If this breaks, we'll likely see a strong continuation towards the all-time highs pre-halving,” part of X analysisreadon the day.

An accompanying chart nonetheless noted the ongoing existence of a bearish divergence, heightening the odds of a BTC price rejection at $72,000.

Updating his BTC/USD view, popular trader and analyst Rekt Capital meanwhile agreed that the pair was capable of a strong finish to the week.

"BTC is now well-positioned for a bullish Weekly Candle Close," hesummarized.

"Can it hold above ~$69,000 until the Weekly Close is in?"

Bitcoin ETFs consolidate return to net inflows

With Bitcoin approaching new April highs, optimism also focused on how institutional inflows might shape up going forward.

A rebound in net flows among the United States spot Bitcoin exchange-traded funds (ETFs) last week had set tone, along with news that bankrupt crypto lending firm Genesis had finished sellingbillions of dollars’ worth of sharesin the Grayscale Bitcoin Trust (GBTC).

At the same time, largest global asset manager BlackRock, one of the ETF operators, revealed that it had addedvarious big name U.S. banksas “authorized participants.”

Per the latest data, including from United Kingdom-based investment firmFarside, April 5 ended in net ETF inflows of just over $200 million, with the week’s total at around $570 million.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.