On April 9, Bitcoin dipped below the $70,000 mark as the initial excitement following the weekly close subsided.

Bitcoin exchange-traded funds (ETFs) faced challenges amid a sluggish day in the market. Data from Cointelegraph Markets Pro and TradingView revealed a downward trend in BTC price before the opening of the Wall Street trading session.

The day's low of $69,635 on Bitstamp marked a 4.3% decline compared to the previous day's peak, reflecting uncertain short-term sentiment.

Bitcoin bulls were left disappointed during the first Wall Street trading session of the week. Despite expectations for improved net flows, U.S. spot Bitcoin ETFs experienced minimal capital inflow. Additionally, there was a significant $300 million outflow from the Grayscale Bitcoin Trust (GBTC), resulting in overall negative net flows for the day.

According to data from various sources, including United Kingdom investment firm Farside, net outflows totaled over $200 million. This unexpected negative flow was particularly notable given the recent surge in Bitcoin's price.

Although the two largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), maintained their streak of inflows, overall ETF flows were sluggish for the day, prompting speculation about potential profit-taking.

Meanwhile, traders remained watchful for signs of a reversal in short-term Bitcoin price action. Trader Crypto Ed set an initial target of $80,000 for the week, with $73,000 identified as a crucial level for upward continuation. Another trader, Jelle, emphasized the importance of Bitcoin holding above $71,400 for a potential move to new all-time highs.

However, some traders, including chartist Credible Crypto, exercised caution and reiterated the possibility of a further BTC price dip to $60,000 or lower, maintaining a conservative stance amidst ongoing market volatility.