Bitcoin Retests $64K Despite Grayscale Outflows Drop Below $100M, Will BTC Price Regain $65K?

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Written By Pinang Driod

The crypto markets try to recover after the latest drop, while the volume does not favour the bulls. The recent price action suggests that some FUD is still present within the markets, due to which the recovery phase has not kicked off with the required strength. This may raise some speculation about whether the BTC price may hold above the lower crucial support until this weekend or accomplish the pullback phase by reaching levels below $60,000. Let’s analyse!

  • The outflows from the GBTC dropped significantly, which pointed towards a plunge in bearish sentiment. The recent outflows were recorded at around 1.5K, worth approximately $96 million. However, BTC fails to maintain higher levels, while the ATH remains unchallenged. 
  • Secondly, Skew, a popular on-chain analytical platform, suspects a deliberate move to chip off the bullish momentum while the price is required to retest $69,000 to ensure the continuation of an upward trend.
  • Now that the BTC price is heading towards a weekly close, a bullish breakout beyond the current support is much needed to reach the upper target of around $100,000.
  • Lastly, the BTC price is following a similar pattern that it followed in 2016, which also raises speculations of a ‘2016-like’ fate. To this end, the price is expected to maintain current highs to avoid a short-lived rally.

Therefore, it is now more evident that the price must maintain its current highs throughout the weekend, or else a significant correction could follow. Will the BTC price hold at $64,000 or drop below?

The BTC price has been ranging high since the beginning of 2023 but has failed to rise beyond the pivotal resistance. However, the price has broken above the levels during the recent price action and has still sustained above the gains. Therefore, it suggests the price still holds a bullish influence and hence may eventually trigger a healthy upswing if it trades above the lower support throughout the weekend. 

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