Over the weekend, Bitcoin experienced a significant downturn, approaching $60,000 on March 17, amidst ongoing selling pressure.
The cryptocurrency’s value dropped to new lows of $64,522 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView, following a week of achieving record highs.
This decline was marked by a series of lower lows and unsuccessful recovery attempts, with the sell-off accelerating ahead of the anticipated weekly candle close.
Skew, a noted trader, analyzed the market, highlighting potential buying zones between $60,000 and $64,000 on major trading platforms.
The trader pointed out on X that “Majority of the selling has been driven by takers (market selling),” with significant spot selling observed from major exchanges like Coinbase and Binance since Bitcoin hit $74K.
Despite the sell-off, there was notable dollar-cost averaging at lower prices, contributing to temporary rebounds.
This latest correction represented a 12% pullback in Bitcoin’s bull market, a modest dip compared to deeper retracements in past cycles while maintaining the overall upward trend.
READ MORE: Shiba Inu Burns Millions of SHIB Tokens, Aiming for Rarity Amidst Price Volatility
With U.S. spot Bitcoin exchange-traded funds (ETFs) set to resume purchasing on March 18, optimism remained in the air among some market participants.
Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, commented on X, “Yes, this is Bear Trap,” expressing confidence in the influx of liquidity into Bitcoin ETFs and suggesting substantial future allocations from real money.
Fahrer’s remarks hinted at potential large-scale institutional investment in Bitcoin in the near future.
As the week neared its close, attention also turned to the Bitcoin futures market, specifically the gap in CME Group’s Bitcoin futures.
The futures market closed on March 15 at $69,135, creating a “gap” with the spot price that some believed could catalyze a market recovery, as has been observed historically.
This gap, nearly $4,000 wide, and the anticipation of renewed buying interest from ETFs and possibly institutional investors, offered a glimmer of hope for a bullish reversal in the coming weeks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
