Bitcoin (BTC) experienced a drop in value at the Wall Street open on March 22, despite lower outflows from the Grayscale Bitcoin Trust (GBTC).
BTC/USD 1-hour chart. Source: TradingView
The price of BTC remained stagnant as it failed to maintain higher levels after a previous rebound. Its 2021 all-time high at $69,000 remained unchallenged.
Initially, the flows into and out of US spot Bitcoin exchange-traded funds (ETFs) seemed promising. GBTC saw only $96 million in outflows, which was less than a third of the previous week’s total.
However, there have been net outflows from the spot ETFs every day this week, which is a unique occurrence in their short history.
Source: Daan Crypto Trades
Upon analyzing the current BTC price action, popular trader Skew suspected deliberate manipulation to undermine bullish momentum. He noted that it seemed someone was trying to force a cascade during weak price action.
Fellow trader Crypto Tony joined others in calling for a reclaim of $69,000 to ensure upward continuation.
Source: Crypto Tony
Trader Jelle emphasized the importance of the weekly close, expressing optimism about Bitcoin’s potential upside if it can flip the current range to support. He suggested that if Bitcoin successfully flips this zone, it could reach its target of $100,000.
BTC/USD chart. Source: Jelle
On the downside, trader and analyst Rekt Capital drew comparisons to Bitcoin’s 2016 bull market. He pointed out that the period before the block subsidy halving produced significant downside.
BTC/USD comparison. Source: Rekt Capital
The next halving event is expected to occur in mid-April.
This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.