Bitcoin approached the $60,000 level on March 17, when the selling continued throughout the weekend.
“Steady spot market selling” puts pressure on BTC price action
Data from Cointelegraph Markets Pro and TradingView showed a new low for BTC at $64,522 on Bitstamp.
After reaching new historic highs during the week, Bitcoin faced significant selling pressure, with a series of lower and lower lows accompanying failed rebounds.
Over the course of the day, the sell-off continued to gain momentum well ahead of the hotly anticipated close of the weekly candle.
Analyzing the situation, popular trader Skew mapped out zones of interest for buyers on the major exchanges. These concentrated between $60,000 and $64,000.
“Most of the sales were driven by performers (selling in the market),” he explained part of the X entry.
“Steady spot market sales from $74,000 and up, especially on Coinbase and Binance.”
Bitcoin’s latest bull market correction was about 12%. As Cointelegraph reported, previous cycles have seen much deeper pullbacks while maintaining a broader uptrend.
Optimistic market watchers therefore remained positive, referring to the ongoing buying from U.S. Bitcoin ETFs, which will resume on March 18.
“Yes, it’s a bear trap,” responded Thomas Fahrer, CEO of Apollo, a portal specializing in cryptocurrency reviews and tracking ETF flows, to X.
“Waves of liquidity will flow into Bitcoin ETFs. The real money hasn’t even started allocating yet. If a $1 billion position from Hedge Fund caused BTC to drop 10%, how high do you think $150 billion from advisors will affect its price?”
“Fahrer seemed to echo rumors of a possible new allocation of institutional wealth toward BTC, which could potentially occur in the coming months
Bitcoin’s latest futures gap is approaching $4,000.
Meanwhile, with still more than 12 hours to go until the week’s close, other observers pointed to the potential for an early return in the new week.”
Countering the bull market may be the task of a gap in the CME Group’s Bitcoin futures market, which widened rapidly in the wake of the weekend’s decline.
CME futures closed March 15 at $69,135, and the resulting “gap” between that and the spot price could provide momentum for relief – in line with historical precedents.
