Ali-Charts, a prominent analyst specializing in Bitcoin (BTC) and cryptocurrencies, has pinpointed three crucial support levels for the world’s largest digital asset. Drawing on data from Glassnode, Ali-Charts notes that $61,100, $56,685, and $51,530 are critical levels that could provide a buffer against further declines in Bitcoin‘s price.
Conversely, following Bitcoin’s recent surge to a new all-time high on March 14th, Ali-Charts highlights $66,990 and $72,880 as the next resistance levels to overcome. This assessment aligns with data from CoinGecko, which recorded Bitcoin’s peak at $73,737 amidst significant inflows into U.S. spot Bitcoin ETF products over several weeks.
On March 19th, Bitcoin experienced a 6% downturn, coinciding with the first single-day net outflow from BTC ETFs since late February. Despite BlackRock’s BTC ETF attracting $451 million, investors withdrew $642 million from Grayscale’s GBTC, as reported by Soso Value. Notably, March 18th saw the largest outflow from GBTC to date, a fact confirmed by ETF expert Eric Balchunas.
This price movement resulted in net outflows of $154 million, with eight other issuers collectively attracting less than $20 million each on the same day. Notably, funds from Franklin Templeton, Invesco Galaxy, and WisdomTree witnessed no net inflows.
Despite the deviation from previous consecutive inflows, spot BTC ETFs have accumulated 4.2% of Bitcoin’s available supply over three months of trading. Currently, nine funds manage over $20 billion in assets, with BlackRock leading the pack with over 203,000 BTC valued at nearly $16 billion.
Industry veterans like Balchunas anticipate a surge in demand for spot BTC ETFs as more institutional players allocate capital to gain exposure to the asset class. Notably, Wall Street asset managers such as 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.
This assessment underscores the dynamic nature of Bitcoin’s market, where analysts closely monitor support and resistance levels amidst evolving institutional adoption and regulatory shifts.
