Cryptocurrency

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) faced significant sell-side pressure, hitting new lows at $64,522.</li>
 <li>Despite the bearish trend, some market observers remain optimistic due to potential institutional wealth allocation.</li>
</ul>
<p>Bitcoin’s value took a hit over the weekend, dropping towards $60,000.</p>
<p>New lows of $64,522 were observed on Bitstamp, following a week of all-time highs.</p>
<h2 id="selling-pressure-on-bitcoin">Selling Pressure on Bitcoin</h2>
<p>The cryptocurrency faced considerable sell-side pressure, with a series of lower lows and failed rebounds.</p>
<p>This offloading trend picked up pace ahead of the much-anticipated weekly candle close.</p>
<p>Trader Skew identified zones of interest for bidders on major exchanges, focusing on the range between $60,000 and $64,000.</p>
<p>The selling was mainly driven by market selling, particularly from Coinbase and Binance.</p>
<h2 id="market-response">Market Response</h2>
<p>Despite the sell-off, some entities engaged in large-scale dollar cost averaging (DCA) at the lows, providing low-timeframe bounces.</p>
<p>This latest correction in Bitcoin’s bull market amounted to around 12%.</p>
<p>Despite this, many remain positive, citing the ongoing buying from US spot Bitcoin exchange-traded funds (ETFs), set to resume on March 18.</p>
<p>Thomas Fahrer, CEO of Apollo, a crypto-focused reviews portal, responded to the situation by saying, “Yes, this is Bear Trap.”</p>
<p>Fahrer suggested that the real money hasn’t started allocating yet, and rumors of a fresh institutional wealth allocation to Bitcoin could be on the horizon.</p>
<p>With over 12 hours left until the weekly close, some are eyeing the potential for an early-week comeback.</p>
<p>The gap in CME Group’s Bitcoin futures market, which is rapidly widening amid the weekend’s drawdown, could provide an impetus for relief.</p>
<p>CME futures closed on March 15 at $69,135, creating a “gap” between the spot price and the futures price.</p>

Cryptocurrency Watch: Can Bitcoin Hold $60K Amidst Large Futures Gap?

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