GBTC dropped below $100M, but Bitcoin price tested $63K

Bitcoin (BTC) was pegged at intraday lows at the March 22 Wall Street open despite low flows from the Grayscale Bitcoin Trust (GBTC).

GBTC looks at cooling outlets

Data from Cointelegraph Markets Pro and TradingView tracked BTC price performance as $63,000 returned to the radar.

The biggest cryptocurrency failed to hold highs, thanks to an early recovery, leaving the old 2021 all-time high at $69,000 unchallenged.

The day's flows into and out of US Bitcoin exchange-traded funds (ETFs) were promising. GBTC has seen just $96 million in spending, according to preliminary data from crypto intelligence firm Arkham – less than a third of what was recorded earlier in the week.

So far, this week has seen net outflows from spot ETFs on a daily basis – a unique period in their short history.

Analyzing the current BTC price action, popular trader Skew suspects deliberate moves to weaken bullish momentum.

“Looks like someone is trying to force a cascade here again during a period of weak price action,” Binance, the world's largest exchange, commented on spot order book data in a post on X.

Skew added that it was “very clear” that some traders were selling at a premium.

The $69,000 recovery call confirms that crypto trader Tony has joined those who requested it.

“All eyes on the weekly close,” Trader Jelle continued.

Taking a characteristically optimistic view of the market, Jelle noted the potential for Bitcoin to support its current range.

“If Bitcoin successfully breaks this zone for support, there is very little that will block the price path to this falling wedge target of $100,000,” he told X Followers.

Analyst: Bitcoin Risks “2016-Type Fate”

Meanwhile, trader and analyst Rect Capital drew comparisons to Bitcoin's 2016 bull market.

Related: How Low Can BTC Price Go? Bitcoin analysis points to 45 thousand dollars

He then pointed out that the amount of time before the block subsidy was cut in half was low.

“Recently, Bitcoin has set up a long bearish wick on its pre-half retracement,” he explained.

“Bitcoin will need to continue holding these current highs, where the initial reaction was strong but short-lived to avoid a 2016-like fate.”

The next halving event is currently due to occur in mid-April.

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.