April 19, 2024
Bitcoin's at $63,279, Dips Despite Decrease in GBTC Outflows
Bitcoin price today

Bitcoin’s at $63,279, Dips Despite Decrease in GBTC Outflows

Friday, March 22, 2024: Bitcoin Price is at $63,279, witnessed a dip in prices coinciding with the Wall Street opening, despite a decrease in outflows from the Grayscale Bitcoin Trust (GBTC). Data from Markets Pro and TradingView indicated a lackluster performance in BTC prices, with $63,000 reentering the spotlight.

BTC/USD 1-hour chart. Source: TradingView

The cryptocurrency failed to maintain higher levels achieved during an earlier rebound, failing to challenge its previous 2021 all-time highs at $69,000.

GBTC Outflows and Spot ETFs Flows

Initial data from crypto intelligence firm Arkham showed that GBTC experienced only $96 million in outflows, a decrease from previous weeks. This marked a unique occurrence, as every day of the week had seen net outflows from spot ETFs in the United States.

Source: Daan Crypto Trades

Assessing the prevailing BTC price movement, renowned trader Skew indicated deliberate actions aimed at weakening bullish momentum. He observed activity on the spot order book data from Binance, noting, “Looks like someone is trying to force a cascade here again during weak price action.”

Fellow trader Crypto Tony emphasized the importance of reclaiming the $69,000 mark to ensure upside continuation, while trader Jelle emphasized the significance of the weekly close.

Market Outlook and Halving Event

BTC/USD chart. Source: Jelle

Remaining optimistic, Jelle highlighted the upside potential if Bitcoin could establish the current range as support. He stated, “If Bitcoin successfully flips this zone for support, there is very little standing in the way of price making its way towards the target of this falling wedge: $100,000.”

However, trader and analyst Rekt Capital cautioned against potential downside risks, drawing comparisons to Bitcoin’s 2016 bull market. He pointed out similarities in the period preceding the block subsidy halving, noting, “Recently, Bitcoin has also produced a long downside wick on its Pre-Halving Retrace.”

BTC/USD comparison. Source: Rekt Capital

Rekt Capital emphasized the importance of Bitcoin maintaining its current highs to avoid a fate similar to the short-lived reaction seen in 2016. The upcoming halving event is slated for mid-April.

Image by frimufilms on Freepik

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