2024

United

Bitcoin

Optimism

<p>Amid a volatile weekend, <a href="https://www.cryptopolitan.com/bitcoin-market-correction-and-march-fed-rate/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) traders are closely watching the crucial support level around $60,000 as the cryptocurrency faces significant selling pressure, resulting in a notable price decline.&nbsp;</p>
<p>Despite the recent sell-off, market sentiment remains cautiously optimistic as traders anticipate potential price recovery driven by various factors, including institutional interest and the emergence of a sizable futures gap.</p>
<h2 class="wp-block-heading" id="bitcoin-faces-weekend-sell-off-but-resilience-sparks-hope">Bitcoin faces weekend sell-off, but resilience sparks hope</h2>
<p>Over the weekend, Bitcoin experienced a sharp decline, hitting its lowest level since March 6, with prices dropping to $64,522 on Bitstamp.&nbsp;</p>
<p>Despite the <a href="https://twitter.com/thomas_fahrer/status/1769161466056434097" rel="noopener noreferrer nofollow" target="_blank">recent</a> correction, Bitcoin’s price retracement remained relatively modest, totaling around 12%. Previous market cycles have witnessed more significant pullbacks while still maintaining the broader uptrend, leaving many market observers optimistic about Bitcoin’s resilience.</p>
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Who else is feeling relaxed, not selling, and still buying more <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#bitcoin</a>. Just me?</p>— Thomas | heyapollo.com (@thomas_fahrer) <a href="https://twitter.com/thomas_fahrer/status/1769161466056434097?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 17, 2024</a>
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<p>The sell-off was attributed to sustained selling pressure in the spot market, particularly noticeable since Bitcoin’s peak at $74,000.&nbsp;</p>
<p>Notably, major exchanges such as Coinbase and Binance saw continuous spot-selling activities.</p>
<p>Analysts identified key support zones for Bitcoin bids, focusing on the range between $60,000 and $64,000.&nbsp;</p>
<h2 class="wp-block-heading" id="optimism-amidst-market-correction">Optimism amidst market correction</h2>
<p>Despite the bearish sentiment, optimism prevails among market observers, particularly regarding the imminent resumption of buying activities from United States spot Bitcoin exchange-traded funds (ETFs).&nbsp;</p>
<p>Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, emphasized the potential impact of institutional wealth allocation to Bitcoin, suggesting that the influx of liquidity from institutional investors could drive substantial price movements.</p>
<p>Fahrer’s remarks reflect the anticipation of a significant capital inflow into Bitcoin, with rumors circulating about institutional investors preparing to allocate substantial funds to the cryptocurrency in the coming months.</p>
<p>As Bitcoin traders assess the market landscape, attention is drawn to the widening gap in CME Group’s Bitcoin futures market, which closed at $69,135 on March 15.&nbsp;</p>
<p>The notable gap between CME futures prices and the spot price of Bitcoin could potentially serve as a catalyst for price relief, aligning with historical patterns where such gaps have been filled in subsequent trading sessions.</p>
<h2 class="wp-block-heading" id="bitcoin-traders-eye-rebound-amidst-futures-spot-convergence">Bitcoin traders eye rebound amidst futures-spot convergence</h2>
<p>With more than 12 hours remaining until the weekly close, some traders anticipate a possible rebound early in the week, driven in part by the convergence of futures and spot prices.&nbsp;</p>
<p>This convergence could mitigate the ongoing bearish sentiment and potentially pave the way for renewed upward momentum in Bitcoin’s price action.</p>
<p>Despite facing significant selling pressure and experiencing a notable price correction, Bitcoin traders remain vigilant as they monitor critical support levels and anticipate potential catalysts for price recovery.&nbsp;</p>
<p>While the emergence of a substantial futures gap presents an opportunity for relief, market sentiment remains cautiously optimistic, buoyed by expectations of institutional investment inflows and the resilience of Bitcoin’s broader uptrend.&nbsp;</p>
<p>As the cryptocurrency market continues to evolve, traders brace themselves for further volatility while remaining attentive to emerging trends and developments.</p>

Bitcoin traders anticipate early-week rebound opportunity

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