Bitcoin price action opened lower again but maintaining its sideways channel between $63,000 and $65,000 which is somewhat interpreted as a healthy and accumulation zone that from my perspective is likely to hold before the next Halving.
Now, beyond whether the price zone can be sustained sideways between $63,000 and $65,000 before the halving is not exactly what most people are talking about today, as GBTC outflows fall to USD 170M, indicating possible new high for the price of BTC.
In this regard and in William Suberg's editorial line, "Inflows have declined significantly compared to early March, while GBTC outflows have reached record highs, producing five consecutive days of net reductions in assets under management (GBTC)"
Additionally it has also been stated that, "The timing appears to be non-random, as, as Cointelegraph reported, bankrupt cryptocurrency lender Genesis is rumored to have been selling its GBTC position all week."
What I do agree with is when the aforementioned article highlights that, "We will now likely have a sideways weekend and possibly consolidate a bit more next week before returning to new all-time highs"
SOURCES CONSULTED
Cointelegraph. Bitcoin price clear for new record high as GBTC outflows drop to $170M. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
