Bitcoin Trader Says $57K BTC Price Will Help Sustain Bull Market
Bitcoin (BTC) took a hit on March 21 US unemployment data as traders hoped for a longer BTC price consolidation.
Kibar: BTC price difference is “ideal situation”.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD hovering around $66,000.
Wall Street's open for the day came after lower-than-expected US unemployment claims, which came after the Federal Reserve announced plans to cut interest rates despite tight inflation.
Risk assets took the results of the March 20 Federal Open Market Committee (FOMC) meeting as a green light for policy, with the S&P 500 hitting all-time highs and Bitcoin gaining 12%.
But for some, there was no rush to re-enter the price discovery.
“A favorable situation may be developing for me. I like it,” wrote prominent trader Axel Kibar in his latest Bitcoin analysis on X.
“Parabolic movements are not healthy for a long-term trend. A pause allows for greater participation.
Kibar cited a cover in early March that traded below the key $69,000 level before it “climbed” to new all-time highs.
For colleague Bob Lucas, it's worth even dipping to lower levels than you've seen recently.
“A truly clean path to Bitcoin. The strength of the FOMC may mean lower in the 60-day timeframe,” he told X followers.
“If a move lower still comes, this is where the 10dma tag turns into a lower low. Structurally better if it helps sustain a bull market. Otherwise close >$70k maybe go go go time.
The data on the chain shows the Bitcoin panic selling
As Bitcoin rebounded, analysis on the chain captured the scale of fear among mainstream investors.
RELATED: FOMC Halfway Meets ‘Danger Zone' – 5 Things to Know in Bitcoin This Week
As reported by trading group Decentrader, March 20 saw Bitcoin's leveraged surplus ratio (SOPR) turn negative for only the fifth time this year.
SOPR measures the rate at which coins used in transactions move at a profit or loss. Negative values indicate more loss-making trades, and March 20 had more negative results than any day since October 2023.
As Cointelegraph reports, large portions of BTC continue to increase exposure as smaller segments of investors sell off.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
