BTC price halts gains, revealing absence of support for Bitcoin above $60K according to chart

Bitcoin (BTC) experienced a period of consolidation at the start of the Wall Street session on March 26, causing mixed signals for bullish investors. The BTC/USD 1-hour chart showed a decline of up to 3.2%, hovering around the key $69,000 all-time high from 2021. Market dynamics indicated arguments for both bullish momentum and a potential correction. Outflows from the Grayscale Bitcoin Trust (GBTC) were lower than average, suggesting a potential net inflow. However, there was a lack of bid liquidity below the spot price, indicating a possible return to lower support levels. Keith Alan, co-founder of Material Indicators, emphasized that the path of least resistance is down, citing the significant bids centered around $60,000 on the Binance BTC/USDT order book. Alan also mentioned the upcoming weekly and monthly candle closes as significant factors for BTC price movement. Rekt Capital, a popular trader and analyst, highlighted the importance of flipping $69,000 to definitive support to maintain historical price norms and enable price discovery. He referred to the previous block subsidy halving events and predicted a pre-halving retracement phase followed by a post-halving reaccumulation phase. The article emphasized that it does not provide investment advice and readers should conduct their own research before making any decisions.