Bitcoin’s price on Bitmex plummeted to $8,900 in a flash crash late Monday, diverging significantly from the global average price of around $67,400, due to large sell orders on the XBT/USDT pair. Bitmex is investigating the incident, which involved over 850 BTC being sold, causing the dramatic price drop while other exchanges showed prices well […]
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PRESS RELEASE. A new project called Green Bitcoin (GBTC) saw a sudden burst of popularity around the time when the original Bitcoin (BTC) saw its massive price surge. While Bitcoin skyrocketed to an all-time high, Green Bitcoin — currently still in presale — managed to raise $6 million in only two weeks. Green Bitcoin’s presale […]
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After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. The past week has seen a dramatic price correction, leaving investors wondering if this is a temporary setback or a sign of a more bearish future.
The world’s most popular cryptocurrency reached an intraday low of $64,620 on March 17th, a significant drop from its recent peak above $73,000. This pullback has triggered a wave of pessimism, with analysts pointing to declining profitability and a drop in daily active addresses on the network.
Bitcoin down in the last week. Source: Coingecko
According to analysts, investor sentiment has been hurt by a series of descending peaks and failed upturns, while selling pressure remains rampant as we approach the “weekly candle close.” This sentiment is echoed by data from IntoTheBlock, which shows a sharp decline in the number of addresses “In the Money,” signifying a decrease in overall profitability within the Bitcoin network.
Source: IntoTheBlock
However, not everyone is hitting the panic button. Technical analysis suggests a potential support zone for buyers between $60,000 and $67,000. Popular trader Skew highlights this area as a possible turning point, while also acknowledging significant spot selling from major exchanges like Coinbase and Binance.
$BTC Spot Market Data Thread, in partnership @_WOO_X $BTC Binance Spot
Weekend spot buyer hereSpot Supply ($72K – $74K)
Spot Demand ($60K)Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower.
~ Keep an eye on those bids… pic.twitter.com/3PKHyddNlv— Skew Δ (@52kskew) March 17, 2024
While the immediate future appears uncertain, some analysts remain bullish on Bitcoin’s long-term prospects. They view the current correction as a natural and healthy part of any bull run, pointing to historical data where similar pullbacks paved the way for further growth.
Related Reading: Bitcoin Crashes: Dip To $65,000 Triggers Over $400 Million Liquidation Avalanche
Adding fuel to the fire of optimism is the potential return of institutional capital. The recent resumption of buying from US Bitcoin ETFs and the prospect of a significant influx of funds from hedge funds and investment advisors in the coming months are seen as potential catalysts for a rebound.
BTCUSD trading at $68,087 on the weekly chart: TradingView.com
Thomas Fahrer, CEO of Apollo, a decentralized online cryptocurrency platform renowned for its comprehensive crypto reviews and analysis of ETF inflows, echoes sentiments regarding X.
Fahrer characterizes the current state as a “Bear Trap” and pinpoints the resumption of buying from US Bitcoin ETFs on March 18 as a potential catalyst for an upward surge in X’s value.
Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap
Emphasizing the significance of increased institutional acceptance, Fahrer anticipates a surge in liquidity within Bitcoin ETFs, suggesting that substantial capital inflows from institutional investors have yet to materialize.
This week will be crucial for Bitcoin. The coming days will be a test of the cryptocurrency’s resilience and its ability to overcome the current selling pressure. If bulls can regain control and positive sentiment prevails, a return to record highs remains a possibility. However, if the downtrend continues, Bitcoin could face a more extended period of correction.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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