Bitcoin (BTC) swapped gains for consolidation at the March 26 Wall Street open as BTC price action gave bulls “mixed signals.”
BTC/USD 1-hour chart. Source: TradingView
Bitcoin downside “path of least resistance”
Data from Cointelegraph Markets Pro and TradingView showed upside fading on the day, with BTC/USD dipping up to 3.2%.
Now circling the key $69,000 all-time high from 2021, Bitcoin appeared uncertain where to head next after snap gains over the prior 24 hours.
Market dynamics revealed arguments for both fresh bullish momentum and a continued correction.
Preliminary data from crypto intelligence firm Arkham put outflows from the Grayscale Bitcoin Trust (GBTC) at just $120 million — considerably less than average for the past week.
“Yesterday’s ETF net flows saw a minor net inflow at +$15.6M. $GBTC saw a net outflow of -$350.1M,” popular trader Daan Crypto Trades wrote in part of commentary while uploading the numbers to X (formerly Twitter).
“Regardless, price moved up swiftly during all this.”Source: Daan Crypto Trades
At the same time, a lack of bid liquidity below spot price kept the odds of a return to lower support levels in play.
“What’s clear, is that in terms of liquidity, the path of least resistance is down. That’s not speculation,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of his latest BTC price analysis on X.
An accompanying video showed the nearest patch of significant bids still centred around $60,000 on the Binance BTC/USDT order book.
BTC/USDT order book liquidity on Binance. Source: Material Indicators/X
Going forward, Alan said that the upcoming weekly and monthly candle closes would be significant.
“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,” he added.
BTC price seen copying 2020 breakout
Continuing, popular trader and analyst Rekt Capital stressed the importance of flipping $69,000 to definitive support next.
Related: GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week
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