Bitcoin (BTC) surpassed $66,000 during the Wall Street open on March 4, despite experiencing increased outflows from its largest institutional investment vehicle.
BTC/USD 1-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed that BTC’s price continued to rise, reaching $66,483 on Bitstamp. The market experienced significant gains after the weekly close, with a 5% increase by the time of writing.
Market observers speculated on what might happen next, with some likening the current situation to a previous event where Bitcoin experienced volatility after the crash of Coinbase, the largest U.S. exchange. Venturefounder, a contributor to on-chain analytics firm CryptoQuant, suggested that Bitcoin could follow a similar pattern this time.
“Almost 1% funding rate and $31B of open interest. Get ready for $69k ETF buying squeeze up, Coinbase circuit breaker and flash dump in the same day again. Same roadmap as last Monday. Today is easy, the rest of the week will be hard,” he predicted on X (formerly Twitter).
Keith Alan, co-founder of trading resource Material Indicators, took a more cautious approach and identified a “Cup & Handle” pattern forming on the macro chart from the all-time high. He echoed Venturefounder’s sentiment and acknowledged that the market might ignore psychological pressure and continue to rise beyond the record high of $69,000.
“The caveat to this idea is that it is quite predictable, so the market might not give us the easy trade because it likes to punish as many over leveraged traders as possible,” he concluded.
Despite increasing outflows from the Grayscale Bitcoin Trust (GBTC), the BTC price continued to rise. In March, outflows from GBTC surpassed half a billion dollars, indicating a re-acceleration in outflows above the $60,000 mark. GBTC remains the largest Bitcoin investment vehicle, with holdings totaling 428,540 BTC ($28.9 billion) as of March 4, according to data from CoinGlass.
This article is for informational purposes only and does not constitute investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.