Bitcoin ceded ground on Thursday, April 9, retreating to $71,117, a 1.2% decrease from Wednesday. ETH followed suit, dropping to $2,190, down 2.3%. For the week, BTC remains up by 4.4%, while ETH has gained 3.8%. This correction was anticipated after yesterday’s surge, as investors opted to take profits. The macroeconomic backdrop is mixed. U.S. equity markets opened lower this morning, weighed down by disappointing tech sector earnings. Additionally, U.S. 10-year interest rates saw a slight increase, strengthening the dollar and putting pressure on risk assets. In this environment, Bitcoin experienced moderate selling, but without panic. Outflows from Bitcoin ETFs remained limited, suggesting that long-term investors retain confidence. This Thursday serves as a resistance test for the market. If Bitcoin manages to hold above $71,000, the bullish trend remains intact. Conversely, a close below $70,500 could signal a loss of momentum. ETH, being more volatile, lost the $2,200 threshold, a significant psychological level. Trading volumes are down compared to Wednesday, indicating a lack of bearish conviction. Analysts believe this correction is healthy and could set the stage for another rally by week’s end.
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