Bitcoin pushed through intraday lows at the March 22 Wall Street open, amid decreased outflows from the Grayscale Bitcoin Trust (GBTC).
Cointelegraph Markets Pro and TradingView data showed a lackluster BTC price performance as $63,000 returned on the radar.The largest cryptocurrency failed to maintain higher levels after an earlier rally, with its old 2021 all-time highs of $69,000 still uncontested.The day’s flows into and out of US spot Bitcoin exchange-traded funds (ETFs) began promisingly.According to initial data from crypto intelligence firm Arkham, GBTC saw only $96 million in outflows, less than a third of the total at the beginning of the week.So far this week, net outflows from spot ETFs have occurred every day, which is unprecedented in their short history.
Analyzing current BTC price behavior, popular trader Skew detected purposeful attempts to disrupt bullish momentum.
“Looks like someone is trying to force a cascade here again during weak price action,” he commented in a post on X (formerly Twitter) about spot order book data from the world’s largest exchange by volume, Binance.
Skew noted that it was “pretty clear” that some dealers were selling into the price. Fellow trader CryptoTony joined those pushing for a $69,000 recapture to ensure that the upward trend continues.
All eyes on the weekly close,” trader Jelle added.Jelle, who often has a positive outlook on the market, detailed the possible upside if Bitcoin can convert the present range to support.
“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,” he told X followers.
Looking to the downside, trader and analyst Rekt Capital drew parallels with Bitcoin’s bull market in 2016.Then, he said, the period immediately preceding the block subsidy decrease had a significant downside.
“Recently, Bitcoin has also produced a long downside wick on its Pre-Halving Retrace,” he explained.
“Bitcoin will need to continue to maintain these current highs to avoid a 2016-like fate where the initial reaction was strong but short-lived.”
The next halving event is currently due to hit in mid-April.