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Bitcoin: April 10 Overview — Price Fails to Break $73,000
- Bitcoin is trading above $71,000.
- Daily range: $70,590–72,819.
- Key market drivers: a relief rally amid a temporary ceasefire in the Middle East and declining inflation expectations due to falling oil prices.
- Key levels: support — $69,000, resistance — $76,000.
- Trader profitability based on MVRV remains deeply negative, hinting at upside potential.
What Happened to Bitcoin Price Over the Past 24 Hours
The market is attempting to hold above key moving averages, but buyers remain cautious near March resistance levels.
Bitcoin ($BTC) is trading within a narrow range between $70,000 and $73,000. However, despite multiple attempts to break the upper boundary, it has yet to sustain a move above $73,000.
Bitcoin price dynamics over 24 hours. Source: CoinMarketCap.
Still, this marks the strongest week since the start of the Iran conflict — nearly +8% at its peak. A key technical development was the upward reversal of the 50-day moving average (MA50) for the first time in five weeks.
The daily range was about $2,200. This week, the leading cryptocurrency rebounded strongly from $67,000 to $72,000 — what analysts call a “relief rally.”
The Fear & Greed Index rose from 14 to 16 but still signals extreme fear among retail investors.
Amid stabilizing energy prices, capital is gradually returning to risk assets. Cryptocurrencies traditionally show leading dynamics relative to global money supply, which is now nearly twice that of the “Magnificent Seven” companies.
Key Factors Influencing Bitcoin Price
Price dynamics are driven by a combination of macroeconomic factors and specific movements of large coin volumes by government entities.
Macro and Policy
A temporary ceasefire in the Middle East eased pressure on the oil market.
According to Bitget Research lead analyst Ryan Lee in a comment to Cointelegraph RU, declining oil prices reduce inflation expectations and improve liquidity conditions.
“As energy-related risks decline, this creates favorable conditions for the growth of Bitcoin and Ethereum (ETH) as growth assets,” the expert noted.
The market is also awaiting news on the CLARITY Act, which could become a major regulatory catalyst.
Market Microstructure
According to Lee, spot demand remains weak, and futures market activity is far from peak levels. This suggests that market participants remain in a wait-and-see mode. The attempt to break $73,000 met resistance from sell order clusters, slowing momentum.
ETFs
According to Farside data, spot ETFs recorded net inflows of $358.17 million, offsetting the previous day’s outflows. Morgan Stanley’s fund (MBST), after debuting with $34 million, attracted a modest $14.9 million on its second day.
Bitcoin ETF flows. Source: Farside.
Pavel Fedorov, founder of RWA tokenization platforms and a venture investor, noted that the bank demonstrated a strong start consistent with its business scale.
Responding to whether Morgan Stanley could surpass market leader BlackRock, he explained that the key success factor is not fee competition but unique distribution channels.
“Fees are not decisive here. BlackRock charges 0.25%, Morgan Stanley — 0.14%, which defines a pricing corridor. The key factors are business scale and focus on a specific client segment,” he emphasized.
Key takeaways from Fedorov:
- Division of influence: BlackRock targets large institutional investors, while Morgan Stanley focuses on high-net-worth individuals and family offices.
- Network strength: Morgan Stanley benefits from a massive client base and global advisor network. Fedorov expects MBST to reach $1 billion in assets under management (AuM) within months.
- New norm: The launch of such an ETF does not harm BlackRock but confirms the broader trend of institutional adoption.
Fedorov also highlighted other maturity signals: filings for staking-enabled Solana (SOL) funds and banks obtaining OCC licenses focused on digital assets.
On-Chain
According to CryptoQuant, the Bhutan government moved 319 $BTC after transferring 1,324 $BTC last month, creating local selling pressure.
Source: CryptoQuant.
According to Santiment, returns across most coins remain negative in 2026.
“Historically, this ‘zero-sum’ condition precedes a sharp ‘catch-up’ rally compared to gold (+9% YTD) and the S&P 500 (−2%),” analysts explained.
Source: Santiment.
Key Levels and Scenarios
The technical picture indicates the need to confirm buyer strength by securing levels above local highs.
Base scenario: consolidation in the $70,000–73,000 range. Holding support at $69,000 is critical for maintaining bullish momentum. The next major sell zone lies between $73,000 and $76,000.
Alternative scenario: if geopolitical tensions return, a pullback to $67,000 is possible. To fully invalidate the bearish scenario, analysts say Bitcoin must hold above $79,000 and then push toward $80,000.
