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## Bitcoin Price Strengthens Above $70,000 Amid Holiday Weekend

Bitcoin price has managed to maintain its position above $70,000, even during the long holiday weekend. The overall activity in the crypto market has been relatively subdued, with a slight increase in economic events such as the US PCE inflation release. Despite a 15% drop in total crypto market volume over the past 24 hours, there are indications of institutional investors re-entering the market.

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## Coinbase Premium Gap Signals Institutional Bitcoin Buying

Since March 27, institutional buying of Bitcoin had been declining. However, the Coinbase premium gap turned green again on late March 29 after the Fed’s PCE inflation data was released. According to on-chain analyst Maartunn, the Coinbase premium gap exceeding 50 indicates a renewed interest from US institutions in buying Bitcoin.

The Coinbase premium gap is a crucial metric used to gauge US institutions’ interest in purchasing Bitcoin. This suggests a potential increase in inflows to spot Bitcoin ETFs in the upcoming weeks leading to the Bitcoin halving in mid-April.

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AI legalese decoder can also provide insights into the implications of institutional buying patterns on Bitcoin prices. By analyzing legal documents and regulatory announcements, the tool can offer a comprehensive view of how institutional investments may impact the crypto market.

## Analysts Bullish on BTC Price Outlook

According to analysts at Ryze Labs, the gap between hedge funds and asset managers continues to widen, indicating a divergence in investment strategies. While asset managers are increasing their holdings in Bitcoin futures, hedge funds are reportedly short-selling. This dynamic suggests a potential short squeeze that could drive Bitcoin’s price higher in the near future.

Renowned analyst Michael van de Poppe noted the consolidation of Bitcoin price near $70,000, emphasizing the coin’s adherence to the general 4-year cycle path. He predicted that Bitcoin’s current price level would be considered inexpensive in the long run.

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## Futures and Options Buying Remains Subdued

Despite the positive sentiment surrounding Bitcoin, futures and options buying activity has been lackluster due to the holiday period. CME BTC futures open interest experienced a slight decline to $11.64 billion, while total BTC options open interest dropped from $32.31 billion to $21.52 billion.

The current sideways movement of Bitcoin price has led to trading volumes decreasing by over 25%. The price is currently trading at $70,189, with a 24-hour low and high of $69,076 and $70,513, respectively.

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