Find out what’s happening in the bitcoin and crypto market today, April 10.
On Friday, April 10, bitcoin (BTC) continues to trade in a fairly narrow price range between $70,000 and $73,000. At the time of publication, BTC▼$63,876.00 traded at $71,780, according to CoinGecko.
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Over the past week, bitcoin showed solid momentum, gaining just over 7%. This marks its best performance since the start of the US-Iran military conflict.
However, such growth may not be sufficient. The coin has attempted to break the upper range boundary at $73,000 several times but has so far failed.
The Fear and Greed Index rose from 14 to 16 points but remains in “Extreme Fear” territory.
What Is Influencing BTC’s Price on April 10?
A combination of factors is affecting bitcoin’s price, including macroeconomics and actions by large cryptocurrency market players.
The temporary ceasefire in the Middle East eased pressure on oil prices, which positively impacted risk assets. Additionally, the market expects progress on the CLARITY Act, which could provide long-awaited regulatory clarity.
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Another factor: on April 6, spot bitcoin ETFs recorded a significant inflow of $471 million. That marks the highest level since late February. BlackRock’s IBIT led with $182 million.
On the same day, Ethereum (ETH) ETFs attracted $120 million. Among altcoin funds, XRP▼$1.17-based products (+$119.6 million for the week) and Solana (SOL) funds (+$34.9 million) stood out.
On-Chain Activity and Large Holder Sales
On the on-chain level, selling pressure persists. The Bhutan government transferred 319 BTC following a similar movement of 1,324 BTC in March. Nevertheless, institutional demand through ETFs continues to offset such sales.
Analysts note that bitcoin is gradually transitioning from a “lagging” asset to a leading indicator of macroeconomic expectations, especially after the launch of spot ETFs.
Related: What Is a Strategic Bitcoin Reserve?
