Bitcoin Experiences a Dip, Traders Remain Unfazed, Expect Bullish Correction
Summary:
Bitcoin's value fell below its weekly lows before the Wall Street opening on March 15. Despite the drop, traders maintained footing in the bull market, referencing such corrections as part of larger uptrends. Popular trader Credible Crypto highlighted a potential bounce at $64,000, while Jelle pointed out average major Bitcoin drops of about 20%. Liquidations rose significantly, nearing $300 million in 24 hours given the unwinding of leveraged long positions.
Bitcoin, the popular cryptocurrency, slipped below its weekly lows in the run-up to March 15's Wall Street trading session, but traders didn't waver on the market's bullish trend. Figures from Cointelegraph Markets Pro and TradingView revealed that Bitcoin's value took a downturn, falling as low as $65,569 on Bitstamp.
The preceding day had witnessed record highs, but the enthusiasm waned as key support levels underwent their first significant check. At the time of note, Bitcoin's erstwhile record high of $69,000 from 2021 was insufficient to lift the market.
Despite the dip, market spectators remained unperturbed. They contended that Bitcoin bull markets typically embody rectifying moves within a larger upward trend. As market analyst On-Chain College shared on X (previously Twitter), a minor setback like this is quite common and nothing alarming in a bull market.
Renowned trader Credible Crypto scrutinized the market dive and highlighted a solid block of bid liquidity around $64,000. He noted the considerable decrease in open interest, posited this as a logical rebound spot, and anticipated a drawdown wipe of the remaining built open interest.
Furthermore, optimistic trader Jelle compared the current drop to past averages. He noted that average major Bitcoin drop-offs have been around 20% and warned traders to brace for a similar decline possibly down to $58,000.
Jelle confessed that the recent dip had caught him off guard but assured that he was not anxious about the crypto's future and expects higher valuations in the upcoming months.
Given the day's unwinding of leveraged long positions, liquidations significantly escalated. CoinGlass' latest data showcases that within the past 24 hours, BTC liquidations have neared $300 million.
Skew, a noted trader, observed that most participants showed no eagerness to pursue short positions amidst declining prices and gave an insight into the Bitcoin futures situation.
This news does not include investment advice or recommendations. All investment and trading moves carry inherent risks and readers should perform their own analysis before making investment decisions.
Published At
3/15/2024 1:11:21 PM
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