BTC Price Retests $63K Threshold Despite Slowing GBTC Outflows

According to Cointelegraph: Bitcoin's (BTC) price retested the $63K level, with certain traders suspected of selling into price, even as Grayscale Bitcoin Trust's (GBTC) reduced outflows hit less than $100M. The cryptocurrency struggled to maintain its strength at higher levels, resulting in prices sinking back to $63,000. BTC/USD 1-hour chart. Source: TradingView Data demonstrated Bitcoin's lackluster performance as the world's largest cryptocurrency failed to challenge its previous all-time high of $69,000. The outflows from the US spot Bitcoin exchange-traded funds (ETFs), including the GBTC, indicated a hopeful start, with GBTC recording merely $96M in outflows. Source: Daan Crypto Trades Since the start of the week, the spot ETFs have registered net outflows every day, a first in their short history. Analysts suggest the current weaker price action might be due to deliberate efforts to undermine bullish momentum. BTC/USD chart. Source: Jelle/X Analyst Rekt Capital, meanwhile, compared Bitcoin's situation to its 2016 bull market, cautioning about a potential downfall unless Bitcoin continues to maintain these current highs. Bitcoin is due for its next halving event, often seen as a trigger for price hikes, in mid-April. BTC/USD comparison. Source: Rekt Capital/X

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