Bitcoin (BTC) soared towards $60,000 on March 17th as the sell-off continued through the weekend.
“Continuous spot selling” puts pressure on BTC price fluctuations
Cointelegraph Markets Pro and TradingView Bitstamp showed a new low for BTC price at $64,522.
This week, Bitcoin faced significant sell-side pressure, hitting a new all-time high and then making a series of new lows while failing to rebound.
The pace of unloading continued to accelerate on this day ahead of the much-awaited weekly candlestick close.
Popular trader Skew analyzed the situation and outlined the zones that bidders on major exchanges should focus on. These he focused on between $60,000 and $64,000.
“Most of the selling is caused by takers (market sellers)” (part of a post on X (formerly Twitter)) explained.
“Continued spot sales especially from Coinbase and Binance since $74,000.”
Skew added that some companies have been doing extensive dollar-cost averaging (DCA) at the low end, contributing to the rebound in the short time frame.
Therefore, Bitcoin’s latest bull market correction totaled around 12%. As reported by Cointelegraph, previous cycles saw fairly deep pullbacks while still maintaining a broad uptrend.
As such, optimistic market observers remain positive, citing continued buying from US physical Bitcoin exchange-traded funds (ETFs), which will resume on March 18th. ing.
“Yes, this is a bear trap,” said Thomas Farrar, CEO of Apollo, a cryptocurrency-focused review portal that tracks ETF flows. answered With X.
“A wave of liquidity will hit Bitcoin ETFs. They haven’t even started allocating real money. If BTC falls 10% on a hedge fund position of 1 billion, how much will the 150 billion from advisors go up in value? Do you think so?”
Farrar appears to be echoing rumors that new institutional allocations to BTC could materialize in the coming months.
Latest Bitcoin futures gap approaches $4,000
Meanwhile, with more than 12 hours left until the week’s close, some are eyeing a possible rebound early in the week.
Related: How far will BTC price fall?Bitcoin analysis suggests $45,000
CME Group’s Bitcoin futures market gap widened rapidly amid a weekend drawdown, but countering this downtrend could be a challenge.
CME futures closed at $69,135 on March 15th, and the resulting “gap” with spot prices could trigger a bailout, in line with historical precedent.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.
