Bitcoin’s recent retracement below $63,000 has prompted crypto analyst Ali-Charts to highlight crucial support and resistance levels to monitor leading up to the upcoming halving event.
Ali-Charts, citing data from Glassnode, points out three significant support levels for Bitcoin at $61,100, $56,685, and $51,530. These levels are expected to provide a buffer against further downward movements in the price of the leading cryptocurrency.
On the other hand, resistance levels have been identified at $66,990 and $72,880. These levels come after Bitcoin reached a new all-time high of $73,737 on March 14, following substantial inflows into U.S. spot Bitcoin ETF products.
The 6% downturn in Bitcoin’s price on March 19 coincided with the first single-day net outflow since late last month. Notably, BlackRock’s BTC ETF attracted $451 million in inflows, while investors divested $642 million worth of Grayscale’s GBTC, marking the largest departure from GBTC to date.
Despite the deviation from consecutive inflows, spot BTC ETFs have accumulated 4.2% of Bitcoin’s available supply over three months of trading. Nine funds, including BlackRock’s, now boast over $20 billion in assets under management.
There is optimism regarding the expansion of spot BTC ETF demand, with analysts like Eric Balchunas foreseeing increased institutional interest and capital allocation to the asset class. Major Wall Street asset managers, including Bank of America’s Merrill Lynch and Wells Fargo, have reversed their stance on spot Bitcoin ETFs, now offering them to clients after initially disallowing such funds.
With these developments in mind, investors and analysts are closely monitoring the support and resistance levels identified by Ali-Charts as Bitcoin navigates the pre-halving landscape.
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