Bitcoin bulls remain confident despite BTC price hitting its lowest levels since March 6 in a brutal weekend sell-off.
Bitcoin
BTC
$66,531 lurched toward $60,000 on March 17 as selling persisted through the weekend.
BTC/USD 1-hour chart. Source: TradingView
Constant spot selling” pressures BTC price action
After hitting new all-time highs during the week, Bitcoin faced considerable sell-side pressure, with a series of lower lows accompanied by failed rebounds.
On the day, offloading continued to gather speed well in advance of the hotly-anticipated weekly candle close.
Analyzing the situation, popular trader Skew outlined zones of interest for bidders on major exchanges. These focused on between $60,000 and $64,000.
“Majority of the selling has been driven by takers (market selling),” part of a post on X (formerly Twitter) explained.
“Constant spot selling since $74K especially from coinbase & binance.”
BTC/USDT order book data with bid liquidity. Source: Skew/X
Skew added that some entities were engaging in largescale dollar cost averaging (DCA) at the lows, helping provide the low-timeframe bounces.
Bitcoin’s latest bull market correction thus totaled around 12% previous cycles saw considerably deeper pullbacks while still preserving the broader uptrend.
Optimistic market observers thus remained positive, referencing the ongoing buying from the United States spot Bitcoin exchange-traded funds (ETFs) which would resume on March 18.
“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 reflect rumors of a fresh institutional wealth allocation to BTC potentially arriving in the coming months.
Latest Bitcoin futures gap nears $4,000
With more than 12 hours left until the weekly close, meanwhile, others eyed the potential for an early-week comeback.
CME Group Bitcoin futures 1-hour chart. Source: TradingView
Countering the bearish streak could be a job for the gap in CME Group’s Bitcoin futures market, this rapidly widening amid the weekend’s drawdown.
CME futures closed on March 15 at $69,135, and the resulting “gap” between there and spot price could provide an impetus for relief — in line with historical precedent.
