Bitcoin Below $63,000: Support and Resistance Levels

Bitcoin Rejection Below $63,000 and Support and Resistance Levels

The recent rejection of Bitcoin below the $63,000 level has brought some significant insights regarding support and resistance levels on the path to the upcoming halving. Bitcoin and cryptocurrency analyst Ali-Charts has identified three key prices that serve as support levels for the world’s largest digital asset: $61,100, $56,685, and $51,530.

Resistance on the Path to New Highs

After reaching a new all-time high on March 14th, Bitcoin encountered resistance at $66,990 and $72,880, which contributed to a 6% decline on March 19th. The drop followed the first net outflows in a single day since the end of last month.

The Situation of Bitcoin ETFs

While BlackRock’s Bitcoin ETFs attracted $451 million, investors abandoned Grayscale GBTC assets worth $642 million. Net outflows amounted to $154 million, with eight other issuers attracting less than $20 million each on that day. Bitcoin spot ETFs accumulated 4.2% of Bitcoin’s available supply over three months of trading.

Increasing Interest in Bitcoin Spot ETFs

We are witnessing a growing demand for Bitcoin spot ETFs, especially among institutional players. Asset managers from Wall Street, such as Bank of America Merrill Lynch and Wells Fargo, have added Bitcoin spot ETFs to their offerings. Nine funds have over $20 billion in assets under management, led by BlackRock, which holds over 203,000 BTC valued at nearly $16 billion.

By analyzing these data on Bitcoin market size, movements, and institutional investments, we can conclude that the digital currency is gaining increasing recognition in the traditional financial sector.