Categories: Market Overview

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

Bitcoin (BTC) dropped to its lowest in two weeks on March 23 amid fears that bulls were running out of appetite to buy. Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD hitting local lows of $53,125 on Bitstamp overnight. The latest hit to the 2021 bull run this month, Tuesday’s dip brought the prospect of a $50,000 test ever closer, with buyer support on exchanges looking increasingly shaky.

Data from Binance’s orderbook confirmed support at $53,000, but should this crumble, only definitive demand at $46,000 remains to halt the retracement. “Expecting the previous lows in BTC to be taken out before we can see a significant bounce,” trader Crypto Ed summarized, forecasting an upcoming move below $53,000. “This bull-run isn’t over yet. I’m ready to buy the dip,” Ki Young Ju, CEO of on-chain analytics service CryptoQuant, argued, striking a more upbeat tone.

“But I’ll patiently wait till on-chain supply/demand indicators say ‘all-in.’” Ki referred to high selling pressure on spot exchanges keeping upside in check, but was representative of the broader mood among traders on the day, who overwhelmingly classed recent price action as a standard consolidatory move rather than capitulation. In their favor was hodler behavior, which saw more BTC taken off exchanges in recent days than at any point in the past six weeks.

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader, CoinTelegraph, Mar 23

AddThis Website Tools
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: Bitcoin

Recent Posts

Video: Dollar and Indices are trying to find footing after the fall

The dollar experienced a sell-off but rallied back up by the end of the week.…

6 hours ago

What is next: BoJ, Fed, SNB & BoE Rates

The new week will be packed with economic data and decisions from key central banks.…

9 hours ago

Dollar attempts to rebound after oversold conditions

Despite economic factors working against the dollar, its oversold condition helped it this week or…

10 hours ago

USDCAD Wave Analysis – 14 March 2025

USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…

11 hours ago

Solana Wave Analysis – 14 March 2025

Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…

11 hours ago

Adobe Wave Analysis – 13 March 2025

Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…

1 day ago