Key Points
- Bitcoin (BTC) experienced intraday lows at the March 22 Wall Street open, despite lower outflows from the Grayscale Bitcoin Trust.
- Bitcoin needs to maintain its current highs to avoid a repeat of 2016, where the initial reaction was strong but short-lived.
Bitcoin (BTC) experienced intraday lows at the opening of Wall Street on March 22, despite reduced outflows from the Grayscale Bitcoin Trust (GBTC).
Bitcoin’s Performance and GBTC’s Outflows
Despite a limp performance, the price of Bitcoin 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.
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.
Trader’s Analysis and Bitcoin’s Future
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.
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.
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.
