Bitcoin's journey to reclaiming its position above $65,000 encountered resistance on April 15, as traders grappled with the aftermath of a turbulent weekend for the leading cryptocurrency. Despite briefly touching $65,500 during the Wall Street open, Bitcoin struggled to sustain its momentum amidst lingering uncertainty in the market.

The weekend witnessed a sharp dip in Bitcoin's price, with BTC/USD plummeting to nearly $61,000 in response to geopolitical tensions in the Middle East. However, Bitcoin managed to avoid more significant losses compared to altcoins, showcasing its resilience in the face of external pressures.

As the new trading week commenced, traders remained cautiously optimistic, anticipating potential challenges ahead. With Bitcoin's block subsidy halving looming just days away, market participants braced themselves for heightened volatility. Keith Alan, co-founder of trading resource Material Indicators, highlighted the possibility of a pre-halving pump followed by a post-halving dump to shake out weak hands.

However, uncertainties surrounding geopolitical developments could influence market dynamics, complicating traders' short-term strategies. Alan emphasized the importance of monitoring exchange order book liquidity conditions, noting that significant resistance awaited Bitcoin's ascent beyond $70,000.

Data from monitoring resource CoinGlass revealed Bitcoin's absorption of bid liquidity around the $66,000 level, indicating ongoing price consolidation. Popular trader Skew emphasized the significance of preserving exponential moving averages (EMAs) and the relative strength index (RSI) to determine Bitcoin's next move.

Meanwhile, attention shifted towards developments in the ETF market, particularly after Hong Kong's approval of spot Bitcoin and Ether ETFs. Concerns lingered over potential market reactions, with traders closely monitoring spot ETF flows for potential price impacts.

Despite the weekend's volatility, only a modest outflow was observed from the Grayscale Bitcoin Trust (GBTC) on the first trading day of the week. Popular trader Daan Crypto Trades highlighted diminishing significance of GBTC flows as a market metric, suggesting evolving investor sentiments amidst changing market conditions.