New GBTC Bitcoin Outflows Pass $550M BTC Price Reaches $67K
Bitcoin pushed above $66,000 at the March 4 Wall Street open, even as outflows from the giant institutional investment vehicle were “accelerating again.”
Analysts eye Coinbase, BTC price declined
Bitcoin (BTC) prices built higher on a strong day, hitting $66,483 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
The market made quick gains after the weekly close, up 5% at the time of writing.
At an all-time high of less than $3,000, market watchers are predicting what will come next.
Venture Founder, a contributor to on-chain analytics firm CryptoQuant, suggested that bitcoin could reverse the events of a week ago after the crash of the largest US exchange Coinbase.
“Nearly 1% funding rate and $31B in open interest. Get ready to buy a $69k ETF squeezer, Coinbase circuit breaker and flash dump on the same day. Same roadmap as last Monday. Today is easy, the rest of the week will be tough,” he predicted on X.
For his part, Keith Allan, founder of trading resource Material Indicators, maintained a cautious tone on where bitcoin could correct.
“We are seeing a familiar cup-and-handle pattern forming on the macro chart from ATA,” he wrote on his own X post, echoing an earlier venture founder's sentiment.
“For this pattern to form, we need to see at least one kind of retracement from the double top on ATH. It doesn't matter if it's a 3% or 30% correction to form the technical pattern, as long as the handle is formed.”
Allen, however, admitted that the market could ignore the psychological pressure and continue above the record high of $69,000.
“The caveat to this proposition is that it is very predictable, so the market may not give us an easy trade because it likes to punish as many traders as possible,” he concluded.
“With that in mind, I'm seeing a break into the macro channel as a potential rejection. That's currently in the $74k -75k range, but if it takes a while to get there, the line will go up.
The price of BTC ignores the increase from GBTC.
The highlight of the day was that the price of BTC rose despite increasing outflows from Greyscale Bitcoin Trust (GBTC).
Related: Why Are BTC Traders Carrying Over $64K? 5 things to know in Bitcoin this week
After a sharp decline in the second half of February, March saw an upward trend, surpassing the March 4 total of half a billion dollars.
Prominent trader Daan CryptoTrades responded by uploading part of the GBTC data from crypto intelligence firm Arkham in X's response: “The flow from Grayscale is definitely accelerating above $60K again.”
“Friday saw its first big day of net outflows at $139.6M, mainly from $GBTC at -$492.4M.
Although these have been decreasing daily since mid-January, GBTC remains the largest Bitcoin investment vehicle by BTC holdings.
As of March 4, asset tracking CoinGlass data has reached 428,540 BTC ($28.9 billion).
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.
