Despite the recent downswing hitting its lowest levels since early March, Bitcoin enthusiasts remain undeterred, focusing their attention on the critical $60,000 BTC price support point. Following its historic peak, Bitcoin faced stiff sell-off pressures throughout the weekend, resulting in lower lows and stagnant recovery attempts. As selling continued to ramp up, traders began concentrating on major exchange interest zones between $60,000 and $64,000.
A noteworthy observation was the considerable market selling action, particularly from big players like Coinbase and Binance. Professional trader Skew noted that large entities had adopted dollar-cost averaging at lower points to aid short-term rebounds. This correction proved about 12% significant to Bitcoin’s latest bullish cycle.
The silver lining is that previous cycles have witnessed much deeper pullbacks while still maintaining an overall upward trend. As such, market optimists hold their positivity strong, citing the continuing purchases from US Spot Bitcoin exchange-traded funds (ETFs) set to recommence on March 18.
As the weekend’s trading actions continued to widen the gap in CME Group’s Bitcoin futures market, the difference between the spot price and the March 15 close at $69,135 might just offer some financial relief. This possibility of a comeback early in the week echoes the established historical precedents – certainly a glimmer of hope for Bitcoin enthusiasts.