Bitcoin (BTC) hit intraday lows at the opening of Wall Street on March 22, despite a decrease in outflows from the Grayscale Bitcoin Trust (GBTC).
GBTC, the largest cryptocurrency, experienced a decline in price performance, with $63,000 coming back into focus. Although there was a rebound earlier, BTC was unable to maintain higher levels and its previous all-time highs of $69,000 remained unchallenged.
The flow of funds into and out of US spot Bitcoin exchange-traded funds (ETFs) started off well for the day. GBTC saw outflows of only $96 million, according to initial data from crypto intelligence firm Arkham, which is less than a third of the outflows at the beginning of the week.
This week has seen net outflows from spot ETFs every day, which is a unique occurrence in their short history.
Popular trader Skew analyzed the current BTC price action and suspected intentional moves to undermine bullish momentum. He commented on spot order book data from Binance, stating that it was evident that certain traders were selling into the price.
Other traders, such as Crypto Tony, called for BTC to reclaim the $69,000 level in order to continue its upward movement.
Trader Jelle remained optimistic, stating that all eyes were on the weekly close. He believed that if Bitcoin could successfully flip the current range to support, there would be little resistance in its path towards the target of $100,000.
On the downside, trader and analyst Rekt Capital drew comparisons to Bitcoin’s 2016 bull market. He pointed out that there was a marked downside before the block subsidy halving, and recently BTC has shown a similar pattern with a long downside wick on its Pre-Halving Retrace.
The next halving event is scheduled to occur in mid-April.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.