Bitcoin (BTC) experienced a period of consolidation as its price gave mixed signals to bulls. The BTC/USD chart showed a decrease of up to 3.2%, leaving Bitcoin uncertain about its next direction after recent gains. The market dynamics indicated arguments for both bullish momentum and a continued correction. Preliminary data from Arkham revealed that outflows from the Grayscale Bitcoin Trust (GBTC) were lower than average, suggesting a potential decrease in demand. On the other hand, the lack of bid liquidity below the spot price indicated a possible return to lower support levels. Keith Alan, co-founder of Material Indicators, stated that the path of least resistance for Bitcoin’s liquidity is downward. He also highlighted the significance of the upcoming weekly and monthly candle closes. Rekt Capital, a popular trader and analyst, emphasized the importance of flipping the $69,000 level to definitive support. He compared this to the previous scenario where Bitcoin flipped $20,000 and subsequently explored new all-time highs. Rekt Capital also mentioned the upcoming block subsidy halving event in mid-April, suggesting that Bitcoin is currently in the pre-halving retracement phase. He expects a post-halving reaccumulation phase to follow. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.
BTC price halts gains as chart reveals Bitcoin's absence of support above $60K