Bitcoin

Grayscale Bitcoin Trust

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s (BTC) price action gives mixed signals as gains are swapped for consolidation at the Wall Street open on March 26.</li>
 <li>Despite a minor net inflow, a lack of bid liquidity below the spot price keeps the possibility of a return to lower support levels in play.</li>
</ul>
<p>Bitcoin (BTC) exhibited a shift from gains to consolidation as trading opened on Wall Street on March 26. The price action of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has been sending mixed signals to the market.</p>
<p>Data from markets and trading platforms indicate a fading upside, with BTC/USD experiencing a dip of up to 3.2%. Currently hovering around the key $69,000 all-time high from 2021, Bitcoin’s next move appears uncertain following rapid gains in the previous 24 hours.</p>
<h2 id="market-dynamics">Market Dynamics</h2>
<p>The market dynamics present arguments for both a potential bullish momentum and a continued correction. Initial data from Arkham, a crypto intelligence firm, reported outflows from the Grayscale Bitcoin Trust (GBTC) at a mere $120 million, significantly less than the average of the past week.</p>
<p>A popular trader, Daan Crypto Trades, noted minor net inflows in yesterday’s ETF net flows, while GBTC saw a net outflow. Despite these fluctuations, the price of Bitcoin rose swiftly.</p>
<p>However, the lack of bid liquidity below the spot price maintains the probability of a return to lower support levels. Keith Alan, co-founder of trading resource Material Indicators, believes that the path of least resistance for Bitcoin is downwards.</p>
<p>A video accompanying Alan’s analysis showed the nearest significant bids centered around $60,000 on the <a href="https://crypto.ro/en/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> BTC/USDT order book. Alan emphasized the upcoming weekly and monthly candle closes’ significance in determining Bitcoin’s future trajectory.</p>
<h2 id="bitcoin-price-pattern">Bitcoin Price Pattern</h2>
<p>Rekt Capital, a popular trader and analyst, emphasized the need to turn $69,000 into definitive support. According to him, this would lay the groundwork for price discovery, keeping BTC/USD within historical norms.</p>
<p>Rekt Capital based his evaluation on BTC price patterns surrounding block subsidy halving events. With the next halving event due in mid-April, Bitcoin should be in its “pre-halving retracement” phase, followed by a “post-halving reaccumulation phase”.</p>
<p>He stated that the pre-halving rally has already occurred, leading to new all-time highs. The pre-halving retrace of 18% could be over, paving the way for a sideways range and a reaccumulation structure that could see Bitcoin consolidate for an extended period.</p>

Bitcoin Struggles to Break $60K Barrier as Progress Stalls, Chart Analysis Reveals

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