Bitcoin (BTC) News Today: Fed Chair Powell’s Remarks Bolsters BTC-Spot ETF Flows

ISM Services PMI and Fed Chair Powell Ease Fed Jitters

On Wednesday (April 3), BTC gained 0.72%. Partially reversing a 5.95% slide from Tuesday, BTC ended the day at $66,062.

An unexpected fall in the US ISM Services PMI offset the effects of hotter-than-expected ADP nonfarm payroll figures. The US ISM Services PMI fell from 52.6 to 51.4 in March. According to the ADP, nonfarm payrolls surged by 184k in March. In February, nonfarm payrolls increased by 155k increase.

Fed Chair Powell contributed to the gains, reiterating the Fed will cut interest rates this year.

BTC-Spot ETF Market Sees Net Inflows

BTC reflected the effects of the BTC-spot ETF market on investor sentiment.

According to Farside Investors, iShares Bitcoin Trust (IBIT) saw net inflows of $150.5 million on Tuesday, April 2. Inflows were down from $165.9 million on Monday, April 1. IBIT inflows offset net outflows from Grayscale Bitcoin Trust (GBTC) and ARK 21Shares Bitcoin ETH (ARKB). The BTC-spot ETF market saw net inflows of $40.3 million on April 2.

• GBTC saw net outflows of $81.9 million on April 2, down from $302.6 million on April 1.
• ARKB saw net outflows increase from $0.3 million (April 1) to $87.5 million (April 2).
• Fidelity Wise Origin Fund (FBTC) saw net inflows of $44.8 million, up from $44.0 million on April 1.

The BTC-spot ETF market experienced an early Wednesday sell-off ahead of the IBIT numbers.

For Wednesday, April 3, the BTC-spot ETF market was on target for a second day of net inflows. Pending IBIT flow data, the BTC-spot ETF market had net inflows of $71.5 million.

• GBTC saw net outflows of $75.1 million.
• FBTC saw net inflows of $116.7 million.
• Bitwise Bitcoin ETF (BITB) contributed, with net inflows of $23.0 million.

Another session of net inflows could drive buyer demand for BTC and the broader crypto market. However, investors may shift focus to the Friday US Jobs Report. A hotter-than-expected US Jobs Report could sink bets on a June Fed rate cut and test buyer appetite for riskier assets.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the $67,500 handle would give the bulls a run at the $69,000 resistance level. A return to the $69,000 resistance level could bring the March 14 ATH of $73,808 into play.

On Thursday, BTC-spot ETF market flow data, Fed comments, and SEC activity warrant investor consideration.

Conversely, a BTC fall through the $65,000 handle could signal a BTC break below the $64,000 support level.

With a 14-Daily RSI reading of 48.72, BTC may break below the 50-day EMA before entering oversold territory.

Ethereum Analysis

ETH remained below the 50-day EMA while holding well above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

A break above the 50-day EMA would support a move toward the $3,480 resistance level. A breakout from the $3,480 resistance level could give the bulls a run at the $3,650 handle.

ETH-spot ETF-related chatter needs investor consideration as the May approval window approaches.

Conversely, an ETH fall through the $3,244 support level could signal an ETH drop to the $3,033 support level.

The 14-period Daily RSI reading of 44.23 indicates an ETH fall to the $3,033 support level before entering oversold territory.