Bitcoin traders support $60K BTC price as ‘huge’ futures gap opens
Bitcoin (BTC) bounced back to $60,000 on March 17 as it continued to sell off over the weekend.
“Continuous position selling” pressures BTC price action
Data from Cointelegraph Markets Pro and TradingView showed a BTC low of $64,522 on Bitstamp.
After hitting new all-time highs during the week, Bitcoin has faced significant sell-side pressure, with a series of failed recoveries from lower lows.
During the day, bearish momentum continued to rally well ahead of the close of the hotly anticipated weekly candle.
Analyzing the situation, the famous trader Skew has listed the zones of interest to bidders on major exchanges. These were centered between $60,000 and $64,000.
“Most of the sales were driven by buyers (market sales),” he wrote in part of a post on X (formerly Twitter).
Starting at $74K, a permanent position selling mainly from coinbase and binance.
Skew adds that some entities are engaging in low-dollar cost averaging (DCA), which is offering lower-term improvements.
Bitcoin's recent bull market correction totaled 12 percent. As Cointelegraph reports, previous cycles have seen deep pullbacks while still maintaining broad gains.
Optimistic market watchers remained positive, citing ongoing purchases of Bitcoin exchange-traded funds (ETFs) from the United States, which will resume on March 18.
“Yes, this is a bear trap,” responded Thomas Fahr, CEO of Apollo, a crypto-specific reviews portal that tracks XF flows.
“Waves of liquidity are about to rain on Bitcoin ETFs. Real money allocation hasn't even started. If a 1B Hedge Fund position sends BTC 10%, how much do you think 150B from advisors is going to send?
Fahrer appears to be reflecting on rumors of a new institutional asset allocation for BTC in the coming months.
The latest Bitcoin futures gap is close to $4,000
With more than 12 hours to go before the week ends, meanwhile, others have eyed the possibility of an early week return.
Related: How Low Can BTC Price Go? Bitcoin analysis points to 45 thousand dollars
The bearish tail resistance could be a job for a gap in CME Group's Bitcoin futures market, which is widening rapidly during the weekend's decline.
CME futures closed at $69,135 on March 15, and the “gap” between this and the spot price could provide the impetus for relief – with historical precedent.
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.
