Future

United

Bitcoin

Grayscale Bitcoin Trust

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) experienced intraday lows at the March 22 Wall Street open, despite lower outflows from the Grayscale Bitcoin Trust.</li>
 <li>Bitcoin needs to maintain its current highs to avoid a repeat of 2016, where the initial reaction was strong but short-lived.</li>
</ul>
<p>Bitcoin (BTC) experienced intraday lows at the opening of Wall Street on March 22, despite reduced outflows from the Grayscale Bitcoin Trust (GBTC).</p>
<h2 id="bitcoin-s-performance-and-gbtc-s-outflows">Bitcoin’s Performance and GBTC’s Outflows</h2>
<p>Despite a limp performance, the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> managed to hover around the $63,000 mark. The cryptocurrency failed to maintain higher levels resulting from a previous rebound, leaving its 2021 all-time high of $69,000 unchallenged.</p>
<p>The day started promisingly for the inflows and outflows of the United States spot Bitcoin exchange-traded funds (ETFs). GBTC saw only $96 million in outflows, according to initial data from crypto intelligence firm Arkham. This was less than a third of the total at the start of the week.</p>
<h2 id="trader-s-analysis-and-bitcoin-s-future">Trader’s Analysis and Bitcoin’s Future</h2>
<p>Skew, a popular trader, suspected deliberate efforts to undermine Bitcoin’s bullish momentum. He noted that it was quite apparent that some traders were selling into the price.</p>
<p>Crypto Tony, another trader, echoed the sentiment that Bitcoin needs to reclaim the $69,000 mark to ensure an upside continuation. Meanwhile, trader Jelle maintained an optimistic view of the market, outlining the upside potential if Bitcoin could flip the current range to support.</p>
<p>Rekt Capital, a trader and analyst, drew comparisons to Bitcoin’s 2016 bull market, highlighting that Bitcoin needs to maintain its current highs to avoid a repeat of 2016, where the initial reaction was strong but short-lived. The next halving event is currently due to occur in mid-April.</p>

Bitcoin Rally Continues, Surpasses $63K Mark, Despite GBTC Outflows Dipping Under $100M

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