Bitcoins <\/p>\n
Bitcoin<\/a> is trading in a tightening range near US$67,000 (AU$97,150) with Bollinger Bands compressing on the four-hour chart, a technical signal that traders associate with an imminent directional breakout.<\/p>\n A growing cohort of market participants is positioning for that move to resolve lower before reversing.<\/p>\n For instance, Pseudonymous trader LP flagged the setup on X, stating<\/a> that price wasn\u2019t \u201cshowing a true bottoming formation. Looking back at previous cycles, bottoms were formed after multiple sweeps of the lows, forcing capitulation before a reversal.\u201d<\/p>\n The US$60,000 (AU$87,000) level marks the most recent support, established after Bitcoin failed<\/a> to reclaim its US$76,000 (AU$110,000) resistance and declined roughly 12%, snapping a five-month losing streak (the longest since 2018) only in the first days of Q2 2026.<\/p>\n Related: Wall Street Eyes Prediction Markets as JPMorgan and Goldman Explore Entry<\/a><\/strong><\/p>\n Keith Alan, co-founder of Material Indicators, flagged a large whale running a TWAP (time-weighted average price) algorithm to distribute Bitcoin on Binance, a method that minimises market impact by spreading sell orders across time.<\/p>\n Alan characterised the broader large-player posture as \u201cbuying dips and selling rips\u201d, which is a structured accumulation at lower price levels alongside systematic selling into any strength.<\/p>\n Don’t be fooled by what you’re seeing on FireCharts binned CVD.<\/p>\n At a glance it appears that purple whales are buying aggressively, but a closer look reveals that they are buying dips and selling rips\u2026even small ones.<\/p>\n In fact, every time a moderate amount of bid liquidity\u2026 pic.twitter.com\/61BovBfFsG<\/a><\/p>\n<\/div>\n \u2014 Keith Alan (@KAProductions) April 4, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n The meat of the matter is that that dynamic compresses the range while retail momentum buyers absorb distribution from larger holders, setting up the sharp flush that could reset positioning.\u00a0<\/p>\n Despite the bearish technical setup, institutional demand remains demonstrably active. As Crypto News Australia reported<\/a>, US spot Bitcoin ETFs recorded US$117 million (AU$169.65 million) in a single day of inflows in early April, capping a March total of US$1.32 billion (AU$1.91 billion).<\/p>\n US-Iran tensions and rising oil prices<\/a> weighed on risk assets during the same period, with Bitcoin previously breaching US$60,000 in February 2026 during a geopolitical spike.\u00a0<\/p>\n Related: $200M Hack Hits Drift Protocol as Solana DEX Freezes Activity<\/a><\/strong><\/p>\n<\/p><\/div>\nSell Strength, Buy Weakness<\/h2>\n
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