Bitcoin Bulls are struggling to continue the rally as the price halts momentum after $60K due to a lack of support.
Bitcoin traded gains for consolidation as the market’s price behavior sent bulls contradictory signals at the Wall Street open on March 26.
TradingView data indicated that the day’s gains were waning, with a 3.2% decline in BTC/USD. Following significant increases over the previous day, Bitcoin now hovers around the crucial all-time high of $69,000 from 2021, and it doesn’t seem to know where it will go from here.
The dynamics of the market provided support for both new bullish momentum and a prolonged pullback. Outflows from the Grayscale Bitcoin Trust (GBTC) were under $120 million, according to preliminary statistics from the crypto intelligence firm Arkham. This is a significant decrease from the average for the previous week.
A popular trader, Daan Crypto Trades, wrote in part of his commentary while uploading the numbers to X (formerly Twitter), “Yesterday’s ETF net flows saw a minor net inflow at +$15.6M. $GBTC saw a net outflow of -$350.1M.”
However, there was insufficient bid liquidity below the market price, which maintained the possibility of a return to lower support levels.
In part of his most recent examination of the price of bitcoin on X, Keith Alan, co-founder of the trading resource Material Indicators, writes, “ What’s clear, is that in terms of liquidity, the path of least resistance is down. That’s not speculation.”
In the video that went with it, the closest cluster of noteworthy bids on the Binance BTC/USDT order book was still centered around $60,000.
He added, “With last week’s close at $68.9k and last month’s close at $61.1k, we could (and should) see one or both of those levels challenged relative to the candle close/open on Sunday.”
Also Read: Bitcoin Surges Past $71,000, Sparking Short Liquidations
