Bitcoin’s retrace below $63,000 has offered a clearer view of support and resistance levels to watch leading to next month’s halving.

Bitcoin (BTC) and cryptocurrency analyst Ali-Charts identified three critical prices that serve as support levels for the largest digital asset in the world. According to the on-chain observer citing Glassnode data,  $61,100, $56,685, and $51,530 should cushion against further Bitcoin dips. 

Conversely,  $66,990 and $72,88 have emerged as the following resistance levels to break after BTC set a new all-time high on March 14, per CoinGecko. The crypto peaked at $73,737 following multiple weeks of massive inflows into U.S. spot Bitcoin ETF products.

Bitcoin down 6%, spot BTC ETFs log negative daily flows

BTC’s 6% downturn on March 19 followed the first single-day net outflow since late last month. Although BlackRock’s BTC ETF drew in $451 million, investors ditched $642 million worth of Grayscale’s GBTC, per Soso Value. March 18 marked the largest GBTC departure so far, ETF expert Eric Balchunas confirmed.

Price movement resulted in net outflows of $154 million as eight other issuers attracted less than $20 million each on the day. Franklin Templeton, Invesco Galaxy, and WisdomTree funds saw $0 single-day net inflows.

While the numbers deviated from consecutive inflo

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Author: Naga Avan-Nomayo

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