Bitcoin (BTC) News Today: The US Jobs Report and Bitcoin Halving Amid ETF Inflows

BTC-Spot ETF Market Eyes Three Days of Net Inflows

On Thursday (April 4), BTC rallied 3.80%. Following a 0.72% gain on Wednesday, BTC ended the day at $68,573.

Investors brushed aside hawkish FOMC commentary that reversed gains across the US equity markets.

FOMC member Thomas Barkin called for patience vis-a-vis interest rate cuts. Austan Goolsbee highlighted housing services-related inflation as an impediment to cutting rates. Neel Kashkari took a more hawkish stance, suggesting persistent inflation could leave the Fed in a holding pattern in 2024.

The US equity markets responded by giving up early gains. On Thursday, April 4, the Dow and the S&P 500 ended the session down 1.36% and 1.23%, respectively. The Nasdaq Composite Index declined by 1.40%.

Despite the hawkish chatter, the BTC-spot ETF market remained on course to extend net inflows to a third successive session.

BTC-Spot ETF Market: The Data

The BTC-spot ETF market saw total net inflows for the second session on Wednesday. According to BitMEX Research, BTC-spot ETF market net inflows increased from $40.2 million (April 2) to $113.2 million (April 3).

• Fidelity Wise Origin Bitcoin Fund (FBTC) led the way, with net inflows of $116.7 million on April 3.
• iShares Bitcoin Trust (IBIT) saw net inflows of $42.0 million on April 3, down from $150.5 million on April 2.
• Bitwise Bitcoin ETF (BITB) saw net inflows of $22.6 million.
• Grayscale Bitcoin Trust (GBTC) saw net outflows of $75.1 million on April 3.

Preliminary BTC-spot ETF market flow data for April 4 were also BTC price positive. According to Farside Advisors,

• GBTC saw net outflows of $79.3 million on April 4, up from $75.1 million (April 3).
• BITB saw net inflows of $11.2 million, with ARK 21Shares Bitcoin ETF (ARKB) seeing net inflows of $12.0 million.
• VanEck Bitcoin Trust (HODL) also contributed, with net inflows of $15.5 million.

Pending IBIT and FBTC flow data, the BTC-spot ETF market faced net outflows of $40.6 million.

Analyzing BTC-spot ETF market price trends, Bloomberg Intelligence Senior ETF analyst Eric Balchunas said,

“The vast majority of the 40% gains in bitcoin since ETF launch have been after hours with huge price gaps forming bt close and open.. great chart showing the intra-day vs after hours return for $IBIT from @psarofagis.”

As the BTC-spot ETF market eyes a third day of net inflows, the US Jobs Report could influence buyer appetite for BTC. On Friday, wage growth and nonfarm payroll numbers will likely impact investor bets on a June Fed rate cut. Softer-than-expected numbers would be a boon for BTC and the broader market.

However, investors will also be mindful of the Bitcoin Halving Countdown Clock. Sixteen days remain until the Bitcoin Halving. Continued demand through the BTC-spot ETF market could support BTC price levels after the event.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, sending the bullish price signals.

A BTC break above the $69,000 resistance level would support a move to the March 14 ATH of $73,808.

On Friday, the US Jobs Report, BTC-spot ETF market flow data, and SEC scrutiny warrant investor consideration.

Conversely, a BTC drop below the $67,500 handle could give the bears a run at the $64,000 support level.

With a 14-Daily RSI reading of 53.71, BTC may return to the all-time high of $73,808 before entering overbought territory.

Ethereum Analysis

ETH hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs sent bearish near-term but bullish longer-term price signals.

A breakout from the 50-day EMA would give the bulls a run at the $3,480 resistance level. A break above the $3,480 resistance level would bring the $3,650 handle into play.

ETH-spot ETF-related news needs consideration.

Conversely, an ETH drop below the $3,244 support level could give the bears a run at the $3,033 support level.

The 14-period Daily RSI reading of 44.64 suggests an ETH drop to the $3,033 support level before entering oversold territory.