Bitcoin

Material

Grayscale Bitcoin Trust

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) swapped gains for consolidation at the March 26 Wall Street open as BTC price action gave bulls “mixed signals.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/a10b29ea-438e-4c4d-aec7-39ccb7c17cd9.png">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-downside-path-of-least-resistance">Bitcoin downside "path of least resistance"</h2>
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> showed upside fading on the day, with BTC/USD dipping up to 3.2%.
Now circling the key $69,000 all-time high from 2021, Bitcoin appeared uncertain where to head next after <a href="https://cointelegraph.com/news/bitcoin-etfs-15-m-btc-price-best-close-10-days" rel="noopener noreferrer nofollow">snap gains over the prior 24 hours</a>.
Market dynamics revealed arguments for both fresh bullish momentum and a continued correction.
Preliminary data from crypto intelligence firm Arkham put outflows from the Grayscale Bitcoin Trust (GBTC) at just $120 million — considerably less than average for the past week.
“Yesterday's ETF net flows saw a minor net inflow at +$15.6M. $GBTC saw a net outflow of -$350.1M,” popular trader Daan Crypto Trades <a href="https://twitter.com/DaanCrypto/status/1772615694489661646" target="_blank" rel="noopener noreferrer nofollow">wrote</a> in part of commentary while uploading the numbers to X (formerly Twitter).
<blockquote>
 “Regardless, price moved up swiftly during all this.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/941a105e-512d-4cf5-98d6-f3d219fed530.png">
 <figcaption style="text-align: center;">Source: Daan Crypto Trades
 </figcaption>
</figure>
At the same time, a lack of bid liquidity below spot price kept the odds of a return to lower support levels in play.
“What's clear, is that in terms of liquidity, the path of least resistance is down. That's not speculation,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of his <a href="https://twitter.com/KAProductions/status/1772631175615361216" target="_blank" rel="noopener noreferrer nofollow">latest BTC price analysis</a> on X.
An accompanying video showed the nearest patch of significant bids still <a href="https://twitter.com/MI_Algos/status/1772595887644037564/photo/1" target="_blank" rel="noopener noreferrer nofollow">centred around $60,000</a> on the Binance BTC/USDT order book.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/a89117f6-2d2f-4e81-8cd4-eb005bd95d36.png">
 <figcaption style="text-align: center;">BTC/USDT order book liquidity on Binance. Source: Material Indicators/X
 </figcaption>
</figure>
Going forward, Alan said that the upcoming weekly and monthly candle closes would be significant.
“With last week's close at $68.9k and last month's close at $61.1k we could (and should) see one or both of those levels challenged relative to the candle close/open on Sunday,” he added.
<h2 id="btc-price-seen-copying-2020-breakout">BTC price seen copying 2020 breakout</h2>
Continuing, popular trader and analyst Rekt Capital stressed the importance of flipping $69,000 to definitive support next.
Related:&nbsp;<a href="https://cointelegraph.com/news/gbtc-outflows-incredible-demand-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week</a>
This, he explained in his <a href="https://www.youtube.com/watch?v=44kPaE6umxM" target="_blank" rel="noopener noreferrer nofollow">latest YouTube video</a>, would provide the foundation for price discovery, keeping BTC/USD within historical norms.
Flipping $20,000 over a two-week period in 2020, for instance, was what allowed Bitcoin to explore new all-time highs on and off for the subsequent eleven months.
<a href="https://twitter.com/rektcapital/status/1772312904404005336/photo/1" target="_blank" rel="noopener noreferrer nofollow">As before</a>, Rekt Capital focused his assessment on BTC price patterns around block subsidy halving events.
With the next due in mid-April, Bitcoin should be in the midst of its “pre-halving retracement” phase, with a “post-halving reaccumulation phase” to follow.
“First of all, we’ve satisfied the ‘pre-halving rally’ — we’ve seen a fantastic take us to new all-time highs. This pre-halving retrace of 18% has occurred, could be over, but of course, this pre-halving retrace exists to enable a sideways range — a reaccumulation structure that sees us just consolidate for a long time,” he said.
<blockquote>
 “Could it be the same case going forward right now? That’s something that I’m watching for.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/b858ffa8-b960-4910-aa90-31bb31078371.png">
 <figcaption style="text-align: center;">BTC/USD halving price action comparison. Source: Rekt Capital/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin lacks support above $60K, chart shows as BTC price halts gains

Table of Contents

Cointelegraph

Other articles published on Mar 26, 2024

Catcoin Price Prediction: CAT Skyrockets 111% To New All-Time High As Analysts Predict 1000X Gain...

5 Best Altcoins to Invest in Right Now March 26 – IOTA, Injective, Fetch.ai

Top Crypto Gainers Today Mar 26 – Ankr Network, Akash Network, Illuvium, Arweave

BEVM Bitcoin Layer2 Closes Seed Round with RockTree Capital, Sathoshi Lab & 20 Others

Zoom Has Gone Beyond Video Conferencing With New AI Features

Exploring New Heights in Crypto: How This Token Is Setting the Stage to Outperform Shiba Inu’s Re...

Join our free newsletter for daily crypto updates!