Bitcoin Stalls Above $60K as Support Fades

Bitcoin (BTC) experienced a period of consolidation as its price action gave mixed signals to bulls. The price dipped up to 3.2% and hovered around the key $69,000 all-time high from 2021. Market dynamics showed arguments for both bullish momentum and a continued correction. Outflows from the Grayscale Bitcoin Trust (GBTC) were lower than average, indicating a lack of strong demand. There was also a lack of bid liquidity, suggesting a possible return to lower support levels.

According to Keith Alan, co-founder of trading resource Material Indicators, the path of least resistance for Bitcoin in terms of liquidity is downwards. The Binance BTC/USDT order book showed significant bids at around $60,000. Alan emphasized the significance of the upcoming weekly and monthly candle closes, as they could challenge previous levels and impact price action.

Popular trader and analyst Rekt Capital highlighted the importance of flipping $69,000 to definitive support to enable price discovery and keep BTC/USD within historical norms. He referenced the 2020 breakout when Bitcoin was able to reach new all-time highs after flipping $20,000 over a two-week period. Rekt Capital focused on Bitcoin price patterns around block subsidy halving events, with the next one expected in mid-April. He anticipated a pre-halving retracement phase followed by a post-halving reaccumulation phase.

The market sentiment for Bitcoin was uncertain, with potential for both upward momentum and downward correction. The upcoming candle closes and the ability to establish support at $69,000 would be crucial indicators for Bitcoin’s future direction. Traders and analysts were closely monitoring these developments to determine the next moves in the market.