Bitcoin Faces One Major Hindrance To Reaching New $75,000 All-Time High
Summary
Bitcoin is struggling to reach its all-time high despite a recent recovery. Outflows from Spot Bitcoin ETFs, particularly from Grayscale, are causing sell pressure on BTC. These outflows have been dominating ETF net flows, with $154.3 million, $326.2 million, and $261.5 million leaving the funds on March 18, 19, and 20, respectively. The sell pressure is similar to that seen in January after the SEC approved Spot Bitcoin ETFs. If the outflows slow down, Bitcoin could rebound and potentially surpass $75,000. Currently, BTC is trading at $67,320 with a 5.51% increase in the last 24 hours.
