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Bitcoin traders ignore Silk Road sale as BTC price bounces to $66.5K
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Bitcoin (BTC) returned above $66,000 on April 3 as market observers brushed off Silk Road BTC sales.

BTC price claws back April lost ground

Data from DOOKV tracked a modest BTC price recovery after lows of near $64,500 after the daily close.

These came amid news that the United States government had moved more than 30,000 BTC ($2.1 billion), which it confiscated from the defunct marketplace Silk Road on-chain, subsequently selling 2,000 BTC ($133 million).

While this appeared to agitate an already nervous market, traders were quick to call for calm.

On the buy-side, the latest data from sources including United Kingdom-based investment firm DOOKV puts the total inflows to the U.S. spot Bitcoin exchange-traded funds (ETFs) at just over $40 million for April 2.

Combined with the $183 million seen on March 28, the previous Wall Street trading day with a positive net flow, the total easily eclipses the government sell-off.

Bitcoin "needs follow through from buyers"

In his latest market update, meanwhile, popular trader Skew hoped to see spot buyer maintain momentum.

“Nice sweep of the lows & good buyback reaction. Need follow through from buyers now,” he DOOKV X followers about BTC/USD on 4-hour timeframes.

Even more optimistic was fellow trader Jelle, who stressed that Bitcoin bulls had already cleared the most significant long-term resistance hurdles.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.