Bitcoin bulls remain confident despite BTC price hitting its lowest levels since March 6 in a brutal weekend sell-off.
Bitcoin lurched toward $60,000 on March 17 as selling persisted through the weekend.
“Constant spot selling” pressures BTC price action
Data from Cointelegraph Markets Pro and TradingView showed new BTC price lows of $64,522 on Bitstamp.
After hitting new all-time highs during the week, Bitcoin faced considerable sell-side pressure, with a series of lower lows accompanied by failed rebounds.
On the day, offloading continued to gather speed well in advance of the hotly-anticipated weekly candle close.
Analyzing the situation, popular trader Skew outlined zones of interest for bidders on major exchanges. These focused on between $60,000 and $64,000.
“Majority of the selling has been driven by takers (market selling),” part of a post on X (formerly Twitter) explained.
“Constant spot selling since $74K especially from coinbase & binance.”
Skew added that some entities were engaging in largescale dollar cost averaging (DCA) at the lows, helping provide the low-timeframe bounces.
Bitcoin’s latest bull market correction thus totaled around 12%. As Cointelegraph reported, previous cycles saw considerably deeper pullbacks while still preserving the broader uptrend.
Optimistic market observers thus remained positive, referencing the ongoing buying from the United States spot Bitcoin exchange-traded funds (ETFs) which would resume on March 18.
“Yes, this is Bear Trap,” Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, which tracks ETF flows, responded on X.
“Waves of liquidity are going to rain down on the Bitcoin ETFs. Real money hasn’t even started allocating. If a 1B Hedge Fund position sent BTC tumbling 10%, how high do you think 150B from advisers is going to send it?”
Fahrer appeared to reflect rumors of a fresh institutional wealth allocation to BTC potentially arriving in the coming months.
Latest Bitcoin futures gap nears $4,000
With more than 12 hours left until the weekly close, meanwhile, others eyed the potential for an early-week comeback.
Countering the bearish streak could be a job for the gap in CME Group’s Bitcoin futures market, this rapidly widening amid the weekend’s drawdown.
CME futures closed on March 15 at $69,135, and the resulting “gap” between there and spot price could provide an impetus for relief — in line with historical precedent.
