Bitcoin experienced a slight decline on Friday, as most financial markets were closed for a public holiday. The cryptocurrency, which is the largest by market capitalization, has been trading within a narrow range above the $70,000 mark throughout the week, alongside other risk-correlated currencies.

This period of rangebound trading coincides with tepid flows into U.S.-based spot Bitcoin ETFs and increased outflows from Grayscale’s GBTC fund. With Europe and U.S. stock markets closed for Good Friday, trading activity remained subdued.

Earlier in the week, cryptocurrencies, including Bitcoin and Ethereum, saw a modest rally. Bitcoin surpassed $70,000 for the first time in ten days, marking a rebound from recent downturns and posting a more than 7% increase for the week. Ethereum also recorded gains, rising by 6% during the same period.

The positive momentum extended beyond Bitcoin and Ethereum, with major layer-1 blockchain tokens such as Solana (SOL) and Avalanche (AVAX) experiencing advances exceeding 10%.

As a result of the comeback, leveraged derivatives positions across various cryptocurrencies were liquidated, totaling $195 million, with a significant portion betting on falling prices. However, the relatively modest number of short liquidations despite the price increase suggests that few traders were leveraging against the market, anticipating further downturns.

Looking ahead, Bitcoin’s rally could potentially extend further, as it breaks out from a consolidation pattern observed on the daily chart. This bullish scenario is supported by central banks adopting a more dovish stance toward monetary policy, which is expected to favor Bitcoin.

Analysts remain positive about Bitcoin’s future prospects, with some hinting at a possible rally based on historical performance in April. Markus Thielen, CEO of 10X Research, highlights April’s historical significance for Bitcoin, with six out of the last ten years showing strong price gains during this month.

Additionally, analysts link the current fluctuations in Bitcoin’s value to the pre-halving phase, a pattern observed in past data, which often precedes substantial price surges. This volatility underscores the potential for significant price movements in the near future.