Bitcoin

when

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) lurched toward $60,000 on March 17 as selling persisted through the weekend.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/b9d8a846-00c8-4ca9-86ea-4a624d800312.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="constant-spot-selling-pressures-btc-price-action">“Constant spot selling” pressures BTC price action</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed new BTC price lows of $64,522 on Bitstamp.
After <a href="https://cointelegraph.com/news/bitcoin-analyst-big-move-btc-price-new-73-8-k-record">hitting new all-time highs</a> 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&nbsp;explained. 
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 “Constant spot selling since $74K especially from coinbase &amp; binance.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/2b5754ac-585b-4b5e-94a9-66d75903f346.png" alt="" title="">
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 BTC/USDT order book data with bid liquidity. Source: <a href="https://twitter.com/52kskew/status/1769187774639591825" target="_blank" rel="noopener nofollow">Skew on X</a>
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Skew added that some entities were engaging in large 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 <a href="https://cointelegraph.com/news/bitcoin-shorts-normal-sub-66k-btc-price-dip">saw considerably deeper pullbacks</a> 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.
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 Source: <a href="https://twitter.com/thomas_fahrer/status/1769161466056434097" target="_blank" rel="noopener nofollow">Thomas on X</a>
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“Yes, this is Bear Trap,” Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, which tracks ETF flows, responded on X.
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 “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?”
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Fahrer appeared to reflect rumors of a <a href="https://cointelegraph.com/news/bitcoin-bull-cathie-wood-ark-invest-btc-price-target-1m">fresh institutional wealth allocation</a> to BTC potentially arriving in the coming months.
<h2 data-ct-non-breakable="true" id="latest-bitcoin-futures-gap-nears-4-000">Latest Bitcoin futures gap nears $4,000</h2>
With more than 12 hours left until the weekly close, meanwhile, others eyed the potential for an early-week comeback.
Related: <a href="https://cointelegraph.com/news/how-low-can-btc-price-go-bitcoin-analysis-45k">How low can BTC price go? Bitcoin analysis points to $45K</a>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/fbd178f5-3d6b-4cf1-a726-a7f3086a9797.png" alt="" title="">
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 CME Group Bitcoin futures 1-hour chart. Source: TradingView
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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 <a href="https://cointelegraph.com/news/bitcoin-cme-gaps-how-to-trade-them">historical precedent</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/6434c451-5338-411d-8dc6-372aeb2f84e1.png" alt="" title="">
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 Source: <a href="https://twitter.com/misterrcrypto/status/1769268935239602362" target="_blank" rel="noopener nofollow">Mister Crypto on X</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin traders eye $60K BTC price support as ‘huge’ futures gap opens

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