Bitcoin (BTC) inched closer to the $60,000 mark on March 17 as selling pressure persisted over the weekend. The price of BTC hit new lows of $64,522 on Bitstamp after reaching new all-time highs earlier in the week. The selling pressure resulted in a series of lower lows and failed rebounds. Traders identified zones of interest for buyers between $60,000 and $64,000. The majority of the selling was driven by market selling, but some entities engaged in large dollar-cost averaging (DCA) at the lows, leading to short-term bounces. Despite the correction, market observers remained optimistic, citing ongoing buying from US spot Bitcoin exchange-traded funds (ETFs) that would resume on March 18. Some experts believed that the current bearish trend could be a bear trap, with rumors of fresh institutional wealth allocation to BTC potentially coming in the next few months. Additionally, traders noted the potential for an early-week comeback driven by the gap in CME Group’s Bitcoin futures market, which has been rapidly widening during the weekend’s drawdown. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin traders closely monitor $60K BTC price support amidst the emergence of a significant futures gap.