Bitstamp data reported a new BTC price low of $64,522, After reaching new all-time highs this week, Bitcoin encountered significant sell-side pressure, with a series of lower lows followed by failed rebounds.
On the day, unloading continued to accelerate well before of the highly anticipated weekly candle closure. Popular trader Skew analyzed the scenario and identified zones of interest for bidders on various exchanges. These targeted between $60,000 and $64,000.
“The majority of the selling has been driven by takers (market selling),” a post on X said.“Constant spot selling since $74K especially from coinbase & binance.”
Skew stated that certain organizations were engaged in substantial dollar-cost averaging (DCA) during the lows, which contributed to the low-timeframe bounces.
Bitcoin’s most recent bull market slump amounted to approximately 12%. Asapa mentioned, earlier cycles had more deeper pullbacks while maintaining the overall rise.
Optimistic market analysts remained bullish, citing continuous buying from US spot Bitcoin exchange-traded funds (ETFs), which will restart on March 18.
“Yes, this is Bear Trap,” Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, which tracks ETF flows, responded on X. “Waves of liquidity are going to rain down on the Bitcoin ETFs. Real money hasn’t even started allocating. If a 1B Hedge Fund position sent BTC tumbling 10%, how high do you think 150B from advisers is going to send it?”
Fahrer appeared to confirm speculations of a new institutional wealth allocation to Bitcoin in the coming months. With more than 12 hours to the weekly close, others were hoping for an early- week recovery.
Countering the bearish streak could be a task for the gap in CME Group’s Bitcoin futures market, which has been rapidly growing since the weekend’s drop. CME futures closed on March 15 at $69,135, and the consequent “gap” between that and spot price may give an impetus for relief, consistent with historical precedence
Bitcoin traders are eyeing $60K BTC price support as a ‘massive’ futures gap arises
