The price of bitcoin retests $63K even while outflows of GBTC fall below $100M.
BTC price weakness defies a slowing in GBTC unloading, and bitcoin bulls are unable to capitalize on this.
With cooling outflows, GBTC
As $63,000 came back into focus, data from TradingView and Cointelegraph Markets Pro watched the sluggish performance of the Bitcoin price.
The biggest cryptocurrency was unable to maintain the gains from an earlier correction, and its previous all-time high from 2021—$69,00—remained unassailable.
The inflows and outflows of US spot Bitcoin exchange-traded funds (ETFs) started the day off on a positive note. According to preliminary data from crypto intelligence firm Arkham, GBTC experienced outflows of just $96 million, or less than one-third of the total at the beginning of the week.
This week has witnessed net outflows from the spot ETFs on every day thus far, which is unusual given their brief history.
Popular trader Skew anticipated intentional efforts to undercut bullish momentum after analyzing the recent BTC price behavior.
In a post on X about spot order book data from Binance, the largest exchange globally by volume, he said, “Looks like someone is trying to force a cascade here again during weak price action.”
It was “pretty clear,” according to Skew, that some traders were selling into price.
Coin trader friend Crypto Tony joined the chorus demanding that $69,000 be reclaimed in order to guarantee upside continuance.
“Everyone’s focus is on the weekly close,” said trader Jelle.
With her typically upbeat outlook on the market, Jelle described the upside possibilities that could arise if Bitcoin could move from its current range to support.
“There is very little stopping price from moving towards the target of this falling wedge: $100,000 if Bitcoin is able to successfully flip this zone for support,” he said to X followers.
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