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

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

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

15 hours ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

15 hours ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

20 hours ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

1 day ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

1 day ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

4 days ago

This website uses cookies