Bitcoin has no support above $60,000, the chart shows when the BTC price stops making gains
Bitcoin (BTC) reversed course to consolidate gains at the March 26 Wall Street open as BTC price action bulls gave “mixed signals.”
Bitcoin Down “Path of Least Resistance”
BTC/USD fell as much as 3.2% as data from Cointelegraph Markets Pro and TradingView faded on the day.
Bitcoin is uncertain where it will go after the rapid gains of the past 24 hours, hovering around the key $69,000 all-time high since 2021.
Market volatility has shown arguments for both fresh bullish momentum and continued correction.
Initial data from crypto-intelligence firm Arkham puts withdrawals from the Grayscale Bitcoin Trust (GBTC) at just $120 million — significantly less than last week.
“Yesterday's EFF net inflows saw a small net inflow of +$15.6m. $GBTC saw a net inflow of -$350.1M,” noted trader Dan CryptoTrades wrote in part in his comments while uploading the numbers to X (formerly Twitter).
“Regardless, prices have risen rapidly during all this time.”
At the same time, the lack of liquidity in bidding below the spot price kept the odds of a return to lower support levels in play.
“What's clear is that in terms of liquidity, it's taking the path of least resistance. That's not a hypothesis,” Keith Allan, founder of trading resource Material Indicators, wrote in part of his latest BTC price analysis on X.
The accompanying video showed significant price bids on the Binance BTC/USDT order book, still centered around $60,000.
Going forward, Allen said the upcoming weekly and monthly candle closes will be useful.
“We could (and should) see one or both of the candlesticks when compared to Sunday's candlestick when it closed last week at $68.9K and last month's close at $61.1K,” he added.
BTC price has seen a 2020 breakout.
Next, prominent trader and analyst Rect Capital emphasized the importance of turning $69,000 into fixed support.
Related: GBTC Exits Meet ‘Remarkable Demand' – 5 Things to Know in Bitcoin This Week
This, he explained in his latest YouTube video, will keep BTC/USD within historical norms and provide a basis for price discovery.
Turning $20,000 in a fortnight in 2020, for example, is what allowed Bitcoin to explore new all-time highs for the next eleven months.
As before, Rect Capital focused half of its subsidy events on BTC price patterns.
Next mid-April, Bitcoin should be in the middle of a “pre-halving recovery phase”, with a “post-halving recovery phase” to follow.
“First, we've achieved the ‘Pre-Half Rally' – taking us to new all-time highs. “This pre-half revision has happened 18%, it can be completed, but of course this pre-half revision is to allow distance to the side – the structure of the restocking will allow us to consolidate for a long time,” he said.
“Could it be the same issue now? That's what I'm looking at.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
